Despite Federal Policy Challenges, Renewable Fuels Impact on Iowa Remains Strong
February 9, 2015 - Issue #204View Full Issue
The Iowa Renewable Fuels Association (IRFA) recently released a study conducted by ABF Economics economist John Urbanchuk highlighting the impact of the renewable fuels industry on Iowa’s economy at the 9th Annual Iowa Renewable Fuels Summit and Trade Show.
“2014 was a record-breaking year for the renewable fuels industry despite significant challenges and Iowa participated in the growth,” stated Urbanchuk. “Ethanol and biodiesel producers are part of a manufacturing sector that adds substantial value to agricultural commodities produced in Iowa. The first and second-generation feedstocks used to produce renewable fuels are produced primarily by Iowa farmers, and the R&D expenditures for renewable fuels provide important support for Iowa’s universities. Combined, these activities make a significant contribution to the Iowa economy.”
Based on the size and scope year-end, the renewable fuels industry had the following impacts on Iowa’s economy in 2014:
- Accounts for more than $4.9 billion, or about 3.5 percent, of Iowa GDP;
- Generates $2.5 billion of income for Iowa households; and
- Supports more than 46,700 jobs throughout the entire economy.
To view the full report, please click here.
To view a fact sheet on the report, please click here.