March 20, 2018 12:20 PM Eastern Daylight Time

WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization (BIO) today applauded USDA’s release of a new report, “Indicators of the U.S. Biobased Economy.” The report measures substantial economic growth, job creation, and household income for the agricultural sector from biofuel and bioenergy production. Moreover, it indicates great potential for additional prosperity from future growth in renewable chemicals and biobased products.

Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, said, “The biobased economy is approaching a tipping point in its growth and maturation. The economic impact is evident.“BIO calculates that the global economic value of the biobased economy – including industrial biotechnology, renewable chemicals and polymers, biofuels, enzymes and biobased materials – is $355.28 billion. Looking at the new USDA Indicators report and other sources, we estimate that the United States generates 58 percent of the global value of biobased manufacturing, or more than $205 billion. And that economic activity supports employment for 1.66 million U.S. workers.“The growth of the biobased economy has been supported by good federal policy that strengthens the agricultural sector and rural America. For instance, Farm Bill energy title programs have compiled a record of success that deserves to be continued. We look forward to working with USDA and Congress to build on that success and reauthorize the programs.”About BIOBIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe to the BIO Newsletter.Upcoming BIO Events

BIO International Convention

BIO World Congress on Industrial Biotechnology

June 4-7, 2018July 16-19, 2018Boston, MAPhiladelphia, PA

Contacts

Biotechnology Innovation Organization (BIO)Paul Winters, 202-962-9237Web: www.bio.orgBlog: www.biotech-now.orgTwitter: @IAmBiotechSource: https://www.businesswire.com/news/home/20180320006237/en/USDA-Biobased-Economy-Report-Potential-Rural-Prosperity