


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