USDA Biobased Economy Report Indicates Potential for Rural Prosperity with Renewable Chemicals

March 20, 2018

WASHINGTON–(BUSINESS WIRE)–The Biotechnology Innovation Organization (BIO) today applauded USDA’s
release of a new report, “Indicators of the U.S. Biobased Economy.”
The report measures substantial economic growth, job creation, and
household income for the agricultural sector from biofuel and bioenergy
production. Moreover, it indicates great potential for additional
prosperity from future growth in renewable chemicals and biobased
products.

Brent Erickson, executive vice president of BIO’s Industrial &
Environmental Section, said, “The biobased economy is approaching a
tipping point in its growth and maturation. The economic impact is
evident.

“BIO
calculates that the global economic value of the biobased economy –
including industrial biotechnology, renewable chemicals and polymers,
biofuels, enzymes and biobased materials – is $355.28 billion. Looking
at the new USDA Indicators report and other sources, we estimate that
the United States generates 58 percent of the global value of biobased
manufacturing, or more than $205 billion. And that economic activity
supports employment for 1.66 million U.S. workers.

“The growth of the biobased economy has been supported by good federal
policy that strengthens the agricultural sector and rural America. For
instance, Farm Bill energy title programs have compiled a record of
success that deserves to be continued. We look forward to working with
USDA and Congress to build on that success and reauthorize the programs.”

About BIO

BIO is the world's largest trade association representing biotechnology
companies, academic institutions, state biotechnology centers and
related organizations across the United States and in more than 30 other
nations. BIO members are involved in the research and development of
innovative healthcare, agricultural, industrial and environmental
biotechnology products. BIO also produces the BIO
International Convention, the world’s largest gathering of the
biotechnology industry, along with industry-leading investor and
partnering meetings held around the world. BIOtechNOW
is BIO's blog chronicling “innovations transforming our world” and the
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