Report Shows U.S. Bio-Based Products Industry Contributes $369 Billion To Economy

Agriculture Secretary Tom Vilsack today announced the release of a new report that shows the U.S. bio-based industry is generating substantial economic activity and American jobs. He also announced changes under the 2014 Farm Bill that will create additional opportunities for growth in renewable plant-based materials, supporting the Obama Administration’s efforts to develop a new, […]

Agriculture Secretary Tom Vilsack today announced the release of a new report that shows the U.S. bio-based industry is generating substantial economic activity and American jobs. He also announced changes under the 2014 Farm Bill that will create additional opportunities for growth in renewable plant-based materials, supporting the Obama Administration’s efforts to develop a new, rural economy and promote creation of sustainable jobs.

“This report is the first to examine and quantify the effect of the U.S. bio-based products industry from an economics and jobs perspective. Before, we could only speculate at the incredible economic impact of the bio-based products industry. Now, we know that in 2013 alone, America’s bio-based industry contributed four million jobs and $369 billion to our economy,” Vilsack said. “Today, we are also adding to the number of innovative products carrying USDA’s BioPreferred label and expanding options for our nation’s biorefineries. This means small businesses and global companies alike can continue to harness the power of America’s farms and forests to create new and innovative bio-based products that are used all around the world.”

According to the Economic Impact of the Bio-based Product Industry report, each job in the bio-based products industry is responsible for generating 1.64 jobs in other sectors of the economy. In 2013, 1.5 million jobs directly supported the bio-based product industry, resulting in 1.1 million indirect jobs in related industries, and another 1.4 million induced jobs produced from the purchase of goods and services generated by the direct and indirect jobs.

The report builds on the “Why Bio-based?” report released by the USDA in October 2014. Estimates are that the use of bio-based products currently displaces about 300 million gallons of petroleum per year – equivalent to taking 200,000 cars off the road.

From The USDA: http://content.govdelivery.com/accounts/USDAOC/bulletins/10a391f

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