Contribution of the Renewable Fuels Industry to the Economy of Iowa
By John Urbanchuk, Managing Partner, ABF Economics
February 26, 2018
Prepared for the Iowa Renewable Fuels Association
With 4.2 billion gallons of ethanol production and 286 million gallons of biodiesel production in 2017, Iowa continues to be the nation’s biofuels leader. 2017 also saw biodiesel and ethanol producers commence a historic level of investment and capital expenditures to expand production capacity, leading to an even greater contribution to the Iowa economy.
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 $5.0 billion, or about 3.4%, of Iowa GDP;
- Generates $2.4 billion of income for Iowa households; and
- Supports roughly 50,000 jobs through the entire Iowa economy.
| Purchases
(in Millions) |
GDP
(in Millions) |
Household Earnings
(in Millions) |
Employment
(Jobs) |
|
| Ethanol* | $6,610 | $4,532 | $2,154 | 43,079 |
| Biodiesel | $855 | $457 | $278 | 3,785 |
| Total | $7,465 | $4,989 | $2,432 | 46,864 |
*Includes agriculture, investment in R&D, and exports
To view the entire study, click here.