NBB study finds biodiesel is bright spot in US economy

By NBB | July 15, 2011

The U.S. biodiesel industry will grow to support more than 74,000 jobs throughout the economy by 2015 while creating some $4 billion in household income, according to an economic study released by the National Biodiesel Board.

The report also found that the biodiesel industry will grow to generate nearly $1.6 billion in local, state and federal tax revenues in 2015. 

“It is critical to be able to quantify the economic and job creation impacts of the biodiesel industry,” said Joe Jobe, NBB CEO. “With Congress so focused on the economy, this study allows us to show exactly what the industry is and where we are headed.”    

The study was conducted by Cardno ENTRIX, an international consulting firm that specializes in environment and natural resources economics.

While the difficulties faced by the biodiesel industry in 2010 are well documented, the study shows a strong turn around in 2011 and beyond. Production jumped 69 percent in January of this year and has been steadily climbing since. The study predicts the industry will support more than 31,000 jobs in 2011, generate income of nearly $1.7 billion to be circulated throughout the economy, and create more than $3 billion in GDP. Under projected expansion by 2015, that economic impact would grow even further to supporting more than 74,000 jobs, $4 billion in income, and some $7.3 billion in GDP.
Much of this turnaround has been attributed to the solid policy framework in place including the biodiesel tax incentive, EPA’s renewable fuel standard, and biodiesel’s designation as the first commercially available advanced biofuel in the United States.

“At a time when the federal government is looking for answers on how to jumpstart the economy, these numbers make clear that the federal policies supporting biodiesel are paying off,” Jobe said.

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