Report projects 190,000 jobs, $37 billion direct impact from advanced biofuels by 2022

In Washington, researchers at Bio Economic Research Associates have forecast that the advanced biofuels industry will create 190,000 jobs and $37 billion in direct economic impact by 2022. Indirect economic impact is forecast at $148.7 billion in the same period, while US oil imports would reduce by $350 billion over the 2010-2022 period.

The findings were highlighted by the Biotechnology Industry Organization (BIO) at a news conference to present “U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030,” a new report from bio-era.

BIO projected that increasing advanced biofuels production to 45 billion gallons by 2030 would create as many as 400,000 industry jobs and 1.9 million jobs within the biofuels sector.

Findings include:

·  Direct job creation from advanced biofuels production could reach?29,000 by 2012, 94,000 by 2016, and 190,000 by 2022.
·  Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012, 383,000 in 2016, and 807,000 by 2022.
·  Direct economic output from the advanced biofuels industry is estimated to rise to $5.5 billion in 2012, $17.4 billion in 2016, and $37 billion by 2022.
·  Taking into consideration the indirect and induced economic effects, the total economic output effect for the U.S. economy is estimated to be $20.2 billion in 2012, $64.2 billion in 2016, and $148.7 billion in 2022.
·  Advanced biofuels production under the RFS could reduce U.S. petroleum imports by approximately $5.5 billion in 2012, $23 billion in 2016, and nearly $70 billion by 2022.
·  The cumulative total of avoided petroleum imports over the period 2010–2022 would exceed $350 billion.

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