[NEWS] Bio-Based Products Industry Has Major Impact on Economy
– by Erin Voegele, October 4, 2016, Ethanol Producer Magazine
On Oct. 3, the USDA released a new report showing that the biobased products industry contributed $393 billion and 4.2 million jobs to America’s economy in 2014. From 2013 to 2014, the sector created new 220,000 jobs and grew by $24 billion.
The new report, commissioned by the USDA BioPreferred Program, is the second Economic Impact Analysis of the U.S. Biobased Products Industry released by the USDA. It analyzes revenue and jobs created by the biobased products industry at the national and state level in 2014. The first report, released last year, analyzed 2013 data.
“When USDA released the first-ever Economic Impact Analysis of the U.S. Biobased Products Industry last year, we were thrilled to see what a positive impact this sector was having on our economy, and this updated analysis shows that the sector is not just holding strong, but growing,” said Agriculture Secretary Tom Vilsack. “America has an appetite for everyday products-including plastic bottles, textiles, cleanings supplies and more-made from renewable sources, and that demand is fueling millions of jobs, bringing manufacturing back to our rural communities, and reducing our nation’s carbon footprint. As this sector is strengthening, so is the economy in rural America, where this year the unemployment rate dropped below six percent for the first time since 2007. USDA is proud to see such strong returns on our investment into the biobased products industry.”