USDA Releases Analysis of Biobased Products’ Economic Impact

USDA released an Economic Impact Analysis of the U.S. Biobased Products Industry that shows the biobased products industry supported 4.6 million American jobs and contributed $470 billion to the U.S. economy in 2017. The analysis also noted that “biobased products displace approximately 9.4 million barrels of oil annually, and have the potential to reduce greenhouse gas emissions by an estimated 12.7 million metric tons of CO2 equivalents per year.” “Biobased products are widely known for having a substantially lower impact on the environment compared to petroleum-based and other non-biobased products,” USDA Deputy Under Secretary for Rural Development Justin Maxson said.