New research commissioned by Growth Energy and other American ethanol industry leaders – including ADM, POET, and Marquis Energy – shows that the industrial bioeconomy in the United States supported nearly 644,000 domestic jobs, contributed US$210 billion to the nation's gross domestic product (GDP), and drove US$49 billion in wages.
Conducted by Teconomy Partners LLC, the report “The Economic Impact of the U.S. Industrial Bioeconomy“, 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 (PV) 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 launched in June 2023, 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.”
