Texas has more farms than any other state in the union. And now, as The Austin American-Statesman reports, the Lone Star State also leads the U.S. in number of farms owned by foreign entities. In the past 10 years, foreign companies and individuals have bought up almost two million acres of land in Texas.
The combined worth of all that land tops $3 billion dollars.
Sen. Chuck Grassley of Iowa has grown concerned about the number of foreign companies buying land in the U.S. The Republican has co-authored a bill requiring land deals to be regulated more strictly.
“We owe it to our farmers…to be more strategic, “Grassley said, adding: “Especially as countries around the world are making moves to ensure adequate supplies.” .
On the flip side, the U.S. remains the world’s second largest buyer of land in foreign countries.