Home Indiana Agriculture News USDA Report shows Biobased Industry Contributes Billions to U.S. Economy

USDA Report shows Biobased Industry Contributes Billions to U.S. Economy

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A new report released Monday by the U.S. Department of Agriculture shows the U.S. biobased industry, in 2014, contributed $393 billion and 4.2 million jobs to America’s recovering economy. The report also indicates that the sector grew from 2013 to 2014, creating or supporting an additional 220,000 jobs and $24 billion over that period. USDA Secretary Tom Vilsack says the report shows America has an appetite for everyday products—including plastic bottles, textiles, cleaning supplies and more—made from renewable sources.

The new report shows that the industry directly supported 1.53 million jobs in 2014, with each job in the industry responsible for generating 1.76 jobs in other sectors. In 2013, the industry was found to contribute $369 billion and four million jobs to the U.S. economy. Vilsack announced the report Monday at the National Press Club in Washington D.C.

Source: NAFB News Service