Statistics for the district were collected and analysed by the board as part of its contract with the Clutha District Council.
Core sheep and beef farming gross incomes totalled $313 million for the year ending June 2011 and dairy earnings had grown to $276 million, the report said.
While Clutha included only 22% of Otago's land area, the district boasted 49% of the region's dairying land and raised 48% of the region's lambs.
There were about 1100 farms in the district and that number had reduced about 16% in the past 10 years.
The trend of more dairy farms, more cows and larger herd sizes was clear.
There has been a 30% increase in dairy cow numbers in the past five years and a 75% increase in the past 10 years.
Land under dairying had increased 72% in the 10 years since 2000-01, which was slightly more than Otago generally, which had a 69% increase.
The increase in the past five years of 34% in the district had outstripped the 28% of the previous five years.
The board believed the impact of those changes was significant but not yet overwhelming.
The trend towards dairying was expected to continue but the impact of higher than average sheep and beef farm incomes and easing dairy farming payouts from their upward trajectory might ease that trend somewhat.
The drop in staff numbers in recent years and throughput at Silver Fern Farms' Finegand plant reflected the continuing drop in sheep numbers in the lower South Island, the report said.
The average lambing percentage for Clutha to June 2011, affected by spring rain and snow, was 120%, which was down on the national average of 123% over the past 10 years.
Even allowing for disruptive weather events, it should be of concern to the industry the average lambing percentage had remained the same for the past 10 years.
There was the technology and advice available to increase lambing performances to an average in the 130s at least, and it was a challenge for the industry to have farmers take on the information, the report said.
Harvest volumes for logs were up over the two years to March 2011, but other aspects of the forestry industry had seen a fall in production and employment.
Building permit data was a general yardstick as to the financial health of the district.
The number of dairy sheds declined in 2009-10 after considerably increased activity in 2008-09.
Milk solid prices, although variable, had been hovering around above-average levels.
That, alongside future market confidence, was possibly the reason for the doubling of shed permits into 2010-11.
Some sheep farmers had replaced or built more covered yards since 2008, but that activity had eased in 2010-11.
The flurry of activity towards building special purpose wintering facilities had also slowed.
Only two were permitted in 2010-11 compared with 13 in 2008-09.
Next year, there would be an even wider picture of the district with the results of the five-year agricultural census from 2012 due out at the end of this year, board projects manager Malcolm Deverson said.