Leafy spurge is a serious problem because of the speed with which it spreads and the difficulty of controlling it with available means. A rangeland economics model was developed to estimate the economic impacts of leafy spurge infestation on both ranchers and regional economies. A leafy spurge-induced carrying capacity reduction of about 580 000 animal unit months (AUMs), or enough for 77 000 cows, reduced ranchers' annual net income nearly $9 million. Ranchers did not spend another $14 million on input costs, which reduced regional business activity. The regional impacts are about $75 million in reduced business activity for all sectors. These impacts on rancher incomes and regional economies suggest the potential economic returns of leafy spurge control could be substantial.