USDA Publishes Biobased Economy Report
The U.S. Department of Agriculture (USDA) released its report on the economic impact of the biobased economy. The report, titled “Indicators of the U.S. Biobased Economy,” reviews data from 2011 and 2016 to analyze trends in the agricultural, bioenergy, renewable chemicals, and policy sectors. According to the analysis, the renewable chemicals and biobased products sector contributed 4.22 million jobs and an economic value of $393 billion to the U.S. economy in 2014. Between 2014 and 2016, the number of products certified under the UDSA Biopreferred® program increased from 1,800 to 2,900. The analysis was commissioned by the USDA Office of the Chief Economist and prepared jointly by the Energy and Natural Resource Research Cluster at East Carolina University and the Supply Chain Resource Cooperative (SCRC) at North Carolina State University.