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

February 19, 2024

 Prepared for the Iowa Renewable Fuels Association

Producing a record 4.6 billion gallons of ethanol and 350 million gallons of biodiesel in 2023, Iowa continues to be the nation’s leader in biofuels production and biofuels continue to have a significant impact on Iowa’s economy.

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Biofuels Positive Impact on Iowa Economy Remains Strong

Based on its size and scope, in 2023 the renewable fuels industry had the following impacts on Iowa’s economy:

  • Accounted for more than $6.5 billion of Iowa GDP;
  • Generated $3.2 billion of income for Iowa households; and
  • Supported almost 52,000 jobs through the entire Iowa economy.
GDP Income Employment
(Mil 2023$) (Mil 2023$) (Jobs)
  Ethanol* $5,683 $2,811 46,213
  Biodiesel $851 $408 5,670
Total $6,534 $3,219 51,793

*Includes agriculture, investment in R&D, and exports