Record high production of ethanol and biodiesel in 2016 continued to power the rural Iowa economy engine despite another challenging year, according to the latest economic impact study commissioned by the Iowa Renewable Fuels Association (IRFA).
“The environment facing Iowa’s biodiesel industry was more favorable than that experienced by ethanol producers,” said study author John Urbanchuk, ABF Economics. “Both the ethanol and biodiesel industry continued to benefit from a diversification of feedstocks and co-products. Combined, these activities make a significant contribution to the Iowa economy.”
The study found that biofuels production supported more than 42,000 jobs throughout the entire Iowa economy, generated about $2.3 billion in household income for Iowans, and accounted for roughly $4.7 billion, or 3.5 percent, of Iowa GDP.