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biobased products

Biobased Products Contribute $369bn to US Economy

biobased productsBiobased products contribute $369 billion to the US economy, according to a report released by the US Department of Agriculture.

The independent report, An Economic Impact Analysis of the U.S. Bioproducts Industry, says the industry is responsible for 4 million American jobs. Each job in the biobased products industry is responsible for generating 1.64 jobs in other sectors of the economy.

In 2013, 1.5 million jobs directly supported the biobased product industry, resulting in 1.1 million indirect jobs in related industries, and another 1.4 million induced jobs produced from the purchase of goods and services generated by the direct and indirect jobs.

Mandated by the 2014 Farm Bill, the report is managed by the USDA Biopreferred Program and builds on the Why Biobased? report released last year by the USDA.



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