Industrial biomanufacturing is a crucial industry for the U.S. economy, as stated in a recent report titled “The Economic Impact of the U.S. Industrial Bioeconomy” released by the Association of Equipment Manufacturers. This industry involves converting renewable biomass into various materials such as fertilizers, bioplastics, and biofuels, as well as researching and developing other materials and technologies used in modern biomanufacturing.
According to the report, the U.S. industrial bioeconomy supported nearly 644,000 domestic jobs last year, contributed $210 billion to the country’s gross national product, and generated $49 billion in wages. The industry has a significant presence across many states in the U.S., with Illinois, Iowa, California, Nebraska, and Minnesota ranking among the top five states for economic output in biomanufacturing.
While these top states showed strength in the biomanufacturing industry, Georgia and Ohio experienced a notable impact on direct and total employment. The industry provides unique advantages to the U.S. economy by creating domestic jobs that cannot be outsourced overseas.
The report emphasizes that keeping industrial bioeconomy jobs tied to U.S. soil gives the country a competitive edge over countries that rely heavily on outsourcing jobs overseas for their industries’ growth potentials.
Furthermore, these jobs contribute significantly to America’s economic growth by supporting a robust supply chain that generates jobs in various industries.
In conclusion, biomanufacturing is an essential industry for America’s economy due to its ability to create domestic jobs that cannot be outsourced overseas while contributing significantly to America’s economic growth through its multiplier effect on secondary benefits like employment creation within industries connected to it.
In summary:
– Biomanufacturing is critical to America’s economy: This sector converts renewable resources into various products such as fertilizers and biofuels.
– The report highlights how this sector creates nearly 644k domestic jobs last year and contributes $210bn GNP.
– It also supports a robust supply chain generating more job opportunities across different industries.
– Georgia and Ohio experienced significant impacts on direct employment despite being outside of the top five states for economic output in biomanufacturing.
– Biomanufacturing has unique advantages over outsourcing because it creates domestic jobs that cannot be easily replaced overseas.
– Keeping industrial bioeconomy jobs tied to US soil gives America a competitive edge over countries reliant on outsourcing job opportunities abroad.
