5 October 2016—This week, Secretary of Agriculture Tom Vilsack announced the release of a new report highlighting the substantial economic activity being generated by the growth of the U.S. biobased industry. In 2014, the biobased industry contributed a total of 4.2 million (direct and indirect) jobs and $393 billion dollars to the U.S. economy.
The report examined seven sectors of the industry: agriculture and forestry, biorefining, biobased chemicals, enzymes, bioplastic bottles and packaging, forest products, and textiles. “Better economic opportunities, like those offered by biobased product manufacturers, are creating wealth in rural America. The rural unemployment rate has dropped below 6 percent for the first time since 2007, and from 2012-2014, we saw rural child poverty fall by 3 percentage points.”
The report is available of the USDA BioPreferred® site here.