INSIDE CFAA: Biodiesel and Renewable Diesel’s Economic Benefits Growing
In November, CFAA released a new study conducted by LMC International, “Economic Impact of Biodiesel on the U.S. Economy 2022.” The study measures the overall economic impact associated with the 3.1-billion-gallon U.S. market for biodiesel, renewable diesel and sustainable aviation fuel in 2021. It evaluates direct, indirect and induced impacts across the entire value chain from raw material production, collection and processing to fuel production and distribution. The topline finding is that the biodiesel and renewable diesel industry generated $23.2 billion in economic activity and supported 75,200 jobs paying $3.6 billion in annual wages in the U.S.
The study shows that biodiesel and renewable diesel production generates the largest economic and employment benefits in the farming, oilseed processing, and fuel production sectors. Some key findings include:
• The farm sector benefits from 30% of the overall economic activity, or $7.4 billion. It also supports 28,236 U.S. jobs earning $1.36 billion in wages.
• The oilseed processing industry benefits from more than 20% of the economic activity or $4.97 billion. The biodiesel and renewable diesel market supports 6,024 U.S. jobs earning $380 million in wages.
• Biodiesel and renewable diesel production supports 14,661 jobs earning $560 million in wages in the waste grease recycling and animal fat rendering sector.
• Clean fuel producers support $9.57 billion in economic activity—equal to 41% of the overall economic impact—and 17,120 U.S. jobs, earning $880 million in wages.
According to the study, the economic impact is largest for Midwest states that lead the nation in soybean production. For example, In Iowa, the biodiesel industry generates $4.29 billion in economic activity and is associated with more than 10,500 jobs, and for Illinois, the industry generates more than $2.75 billion in economic activity and supports 7,800 jobs.
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