Ethanol's economic power - Boosting GDP and jobs in 2023
USAgNet - 02/20/2024
In 2023, the U.S. ethanol industry shone as a beacon of economic and environmental progress. Over 72,400 direct jobs and an additional 322,000 indirect jobs were sustained across various sectors, demonstrating the industry's vast impact on the workforce. Households nationwide felt the benefits, with $32.5 billion in income generated.
The sector's contribution to the Gross Domestic Product (GDP) reached a near-record $54.2 billion, showcasing its significant economic footprint. The ethanol industry not only fortified the economy but also supported environmental sustainability by doubling its operating margins to $0.47 per gallon.
This year marked a period of stability and growth for the industry, according to Geoff Cooper, the President and CEO of the Renewable Fuels Association.
The industry invested nearly $39 billion in materials and services, including a substantial $32 billion in corn, underscoring its importance to agriculture and rural economies. Iowa, a leading state in ethanol production, saw over 100,000 jobs supported by the industry, highlighting its pivotal role in local economies.
As the ethanol industry navigates towards new markets and technologies, its contributions to reducing greenhouse gas emissions and fostering green job creation are poised to expand. This growth emphasizes the industry's crucial role in America's journey toward a more sustainable and economically robust future.
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