The National Biodiesel Board this week released a new economic study that shows “how biodiesel plants are a boon to the U.S. economy as they sprout up across the nation.”
According to the study:
America’s biodiesel industry will add $24 billion to the U.S. economy between 2005 and 2015, assuming biodiesel growth reaches 650 million gallons of annual production by 2015.
Biodiesel production will create a projected 39,102 new jobs in all sectors of the economy.
Additional tax revenues from biodiesel production will more than pay for the federal tax incentives provided to the industry. It will keep $13.6 billion in America that would otherwise be spent on foreign oil. This total impact of biodiesel on the economy includes the temporary impacts of construction, the permanent impacts of annual production and the direct value of biodiesel and co-products (glycerin).
The economic analysis was done by John M. Urbanchuk of LECG and funded by the soybean checkoff through the United Soybean Board.
Read the news release, or view the results of the study.