U.S. Biobased Products Industry Contributes $369 Billion, 4 Million Jobs To Economy
by June 18, 2015 7:06 am 106 views
Agriculture Secretary Tom Vilsack announced Wednesday a new report showing that the U.S. biobased industry is generating substantial economic activity and American jobs.
He also announced changes under the 2014 Farm Bill that will create additional opportunities for growth in renewable plant-based materials, supporting the Obama administration’s efforts to develop a new, rural economy and promote creation of sustainable jobs.
According to the Economic Impact of the Biobased Product Industry report, 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.
A copy of the USDA-supported report can be found here.