This document summarizes research on the global occurrence and economic impact of stripe rust, a fungal wheat disease. It finds that stripe rust has spread rapidly in recent decades to new regions due to climate change, susceptible wheat varieties, and pathogen adaptation. Based on survey responses, it estimates that stripe rust causes average annual global wheat yield losses valued at $848 million. It estimates that investing $28 million annually in research could help avert these losses and provide a positive return on investment. The document also analyzes changing spatial patterns of stripe rust outbreaks and losses in the United States over time.