Renewable Fuels Impact on the Iowa Economy
Contribution of the Renewable Fuels Industry to the Economy of Iowa
By John Urbanchuk, Managing Partner, ABF Economics
March 20, 2019
Prepared for the Iowa Renewable Fuels Association
With 4.35 billion gallons of ethanol production and 365 million gallons of biodiesel production in 2018, Iowa continues to be the nation’s biofuels leader. Renewable fuels continue to make a significant contribution to the Iowa economy, particularly to rural communities. While growing, uncertainly around the renewable fuels standard (RFS), E15, tax policy, and trade impede the ability of renewable fuels to maximize their potential benefit to job creation, household earnings, and petroleum displacement.
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Renewable Fuels Continue to Drive Iowa Forward
Based on its size and scope, the renewable fuels industry has the following impacts on Iowa’s economy:
- Accounts for more than $5.0 billion, or about 3%, of Iowa GDP;
- Generates $2.5 billion of income for Iowa households; and
- Supports more than 48,000 jobs through the entire Iowa economy.
*Includes agriculture, investment in R&D, and exports