Biofuels are leading a new wave of growth across the American industrial bioeconomy, and a new report proves it.
New research commissioned by Growth Energy and other industry leaders – including ADM, POET, and Marquis Energy – shows that U.S. industrial bioeconomy supported nearly 644,000 domestic jobs, contributed $210 billion to the U.S. GDP, and drove $49 billion in wages. Additionally, the report found that for every direct job created in the bioeconomy (i.e., a job in bioethanol production), another 11 jobs are created elsewhere in the supply chain. That adds up to a job multiplication factor of 12. For comparison’s sake, the job multiplication factor for the sector that includes solar photovoltaics is 6.50 and the multiplier for the sector that includes wind turbines is 3.73.
Providing new impetus for President Biden’s National Biotechnology and Biomanufacturing Initiative, the report illustrated state-by-state gains linked to the transformation of renewable biomass into new products.
And most importantly for policymakers, the report explains why, “A considerable competitive and policy advantage of these industrial bioeconomy jobs is their tie to U.S. soil, both literally and figuratively—these jobs are here and stay in the U.S.”
To learn more, check out the full report available here.