USDA Biobased Economy Report Indicates Potential for Rural Prosperity with Renewable Chemicals
The Biotechnology Innovation Organization (BIO) today applauded USDA’s release of a new report, “Indicators of the U.S. Biobased Economy.” The report measures substantial economic growth, job creation, and household income for the agricultural sector from biofuel and bioenergy production. Moreover, it indicates great potential for additional prosperity from future growth in renewable chemicals and biobased products.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, said, “The biobased economy is approaching a tipping point in its growth and maturation. The economic impact is evident.
“BIO calculates that the global economic value of the biobased economy – including industrial biotechnology, renewable chemicals and polymers, biofuels, enzymes and biobased materials – is $355.28 billion. Looking at the new USDA Indicators report and other sources, we estimate that the United States generates 58 percent of the global value of biobased manufacturing, or more than $205 billion. And that economic activity supports employment for 1.66 million U.S. workers.
“The growth of the biobased economy has been supported by good federal policy that strengthens the agricultural sector and rural America. For instance, Farm Bill energy title programs have compiled a record of success that deserves to be continued. We look forward to working with USDA and Congress to build on that success and reauthorize the programs.”