US biobased Economy Growth: $24billion/year (+ 200,000 new jobs)

Carl Smorenburg Bales
Biobased Economy In South Africa is at its Infancy (Image: Carl Smorenburg).

When USDA released the first-ever Economic Impact Analysis of the U.S. Biobased Products Industry last year, we were thrilled to see what a positive impact this sector was having on our economy, and this updated analysis shows that the sector is not just holding strong, but growing. – Agriculture Secretary Tom Vilsack said at reports release this week in Washington, D.C.

A new report released by the U.S. Department of Agriculture (USDA) has revealed the precise amount that the bio-based products industry contributed to the US economy and how many jobs it sustains.

Just how much are biobased products worth (to the US economy)?

Since we reported on the 2015 report, the biobased industry now contributes 4.2 million jobs and $393 billion to US economy. Each job in the US bioeconomy adds 1.76 jobs in adjacent sectors. In Africa, we can expect an even higher job creation rate (See: GreenEnergyPark™ biorefinery).