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USDA RELEASES ECONOMIC IMPACT ANALYSIS OF THE U.S. BIOBASED PRODUCTS INDUSTRY
Source: USDA news release

Washington - United States Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Justin Maxson today, on the 10th anniversary of the creation of the USDA's Certified Biobased Product Label, unveiled an Economic Impact Analysis of the U.S. Biobased Products Industry (PDF, 8 MB). The report demonstrates that the biobased industry is a substantial generator of economic activity and jobs, and that it has a significant positive impact on the environment.

"Biobased products are widely known for having a substantially lower impact on the environment compared to petroleum-based and other non-biobased products," Maxson said. "Beyond being more responsible alternatives, these products are produced by an industry responsible for nearly 5 million jobs in the United States alone. Under the Biden-Harris Administration, USDA is playing a key role in labeling biobased products so that consumers can make educated decisions for themselves, their families and their places of work."

According to the report, in 2017, the biobased products industry:

Supported 4.6 million American jobs through direct, indirect and induced contributions.
Contributed $470 billion to the U.S. economy.
Generated 2.79 jobs in other sectors of the economy for every biobased job.

Additionally, biobased products displace approximately 9.4 million barrels of oil annually, and have the potential to reduce greenhouse gas emissions by an estimated 12.7 million metric tons of CO2 equivalents per year. See all the highlights of the report on Economic Impact Analysis of the U.S. Biobased Products Industry Infographic (PDF, 289 KB) and Fact Sheet (PDF, 390 KB).

Established in 2011 underneath USDA's BioPreferred Program, the Certified Biobased Product Label is intended to spur economic development, create new jobs and provide new markets for farm commodities. By harnessing the powers of certification and the marketplace, the program helps purchasers and users identify products with biobased content and assures them of its accuracy. As of June 2021, the BioPreferred Program Catalog includes more than 16,000 registered products.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov. If you'd like to subscribe to USDA Rural Development updates, visit our GovDelivery subscriber page.


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