Biofuels Help Drive Economic Impact

Cindy Zimmerman Leave a Comment

The Association of Equipment Manufacturers (AEM) has just released a new report on “The Economic Impact of the U.S. Industrial Bioeconomy” that spotlights economic activity tied to the transformation of renewable biomass into fertilizers, bioplastics, biofuels, bio-lubricants, and other industrial bioproducts.

“Our abundant natural resources, unparalleled agricultural sector, and strong leadership in the sciences have combined to establish America’s industrial bioeconomy as a powerful engine for U.S. growth,” said Curt Blades, Senior Vice President of Industry Sectors & Product Leadership at the Association of Equipment Manufacturers. “These are high-tech jobs, often in union-heavy supply chains like those for biofuels, that add value to the economy at every stage. With the right support from Washington and a continued focus on renewable products, this segment has the potential to turbo-charge U.S. manufacturing.”

According to the report, in 2023, the U.S. industrial bioeconomy supported nearly 644,000 domestic jobs, contributed $210 billion to the U.S. GDP, and drove $49 billion in wages. In terms of total economic output, the top five states were Illinois, Iowa, California, Nebraska, and Minnesota. Other states, Georgia and Ohio, broke into the top five when looking specifically at direct and total employment, respectively.

The report was commissioned by AEM together with a coalition of organizations including Clean Fuels Alliance America, National Corn Growers Association, Growth Energy, Renewable Fuels Association, ADM, Aemetis, Bayer, Bunge, Marquis Energy, Novonesis, and POET.

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