WASHINGTON, Mar. 1, 2017 - The U.S. ethanol industry added $42.1 billion to the nation’s gross domestic product and supported nearly 340,000 jobs in 2016, according to a new study released by the Renewable Fuels Association (RFA).
“The ethanol industry is a strong contributor to the U.S. economy, bringing jobs and tax revenue, while helping to displace imported oil,” says economist John Urbanchuk, a managing partner at ABF Economics and the study’s main author.
“Continued growth and expansion of the ethanol industry through new technologies and feedstocks will enhance the industry’s position as the original creator of green jobs, and will enable America to make further strides toward energy independence.”
According to the analysis, the production and use of 15.25 billion gallons of ethanol last year:
- Contributed nearly $14.4 billion to the U.S. economy from manufacturing
- Added more than $22.5 billion in income for American households
- Generated an estimated $4.9 billion in tax revenue to the Federal Treasury and $3.6 billion in revenue to state and local governments
- Displaced 510 million barrels of imported oil, keeping $20.1 billion in the U.S. economy
“As these figures show, growth of the U.S. ethanol industry clearly ripples throughout our economy,” said RFA President and CEO Bob Dinneen.
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“Our industry produced nearly 340,000 jobs last year and displaced more than 500 million barrels of imported oil, bringing well-paid jobs to local communities that are helping a domestic energy industry,” Dinneen said. “The footprint of the U.S. ethanol sector touches every consumer in every city. This study provides definitive proof that the U.S. ethanol industry is helping to power the country’s economic engine.”
To read the study, click here.