The Lakeland Shepherd is at the entrance to the new housing development, The Laureates, on Low Road, next to Fitz Park in Cockermouth.
The monument is the result of a collaboration between housing developer Lovell Homes and businessman and previous landowner Bob Slack, of Fitz Park.
It honours the significant role the farming community has played in the town.
The statue was created by sculptor Chris Kelly and was unveiled by Nigel Yates, regional managing director of Lovell Partnerships, and John Marrs, chairman of Cockermouth and District Agricultural Society.
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