BIO Welcomes USDA Report on economic benefits of bioeconomy.
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Press Release Summary:
BIO's Brent Erickson thanked Agriculture Secretary Tom Vilsack for supporting research in and writing of USDA's "Why Biobased?" report, which serves as first comprehensive federal quantification of job opportunities and other economic benefits of biobased products and renewable chemical industry. Calling this report "an important first step in quantifying...economic impacts," Erickson also thanked report's authors and encouraged USDA to continue economic impact model development.
Original Press Release:
BIO Welcomes Release of USDA Report on the Economic Benefits of the Bioeconomy
WASHINGTONÂ – USDA’s new report “Why Biobased?” is the first comprehensive federal quantification of the job opportunities and other economic benefits of the growing biobased products and renewable chemical industry. The Biotechnology Industry Organization today thanked Agriculture Secretary Tom Vilsack for supporting the research and writing of the report.
“The bioeconomy is rapidly growing, creating new economic opportunities and providing well-paying jobs for tens of thousands of Americans. By 2025, employment in the renewable chemical sector could represent approximately 20 percent of all U.S. chemical jobs.”
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, noted, “The bioeconomy is rapidly growing, creating new economic opportunities and providing well-paying jobs for tens of thousands of Americans. By 2025, employment in the renewable chemical sector could represent approximately 20 percent of all U.S. chemical jobs.
“USDA’s new report on opportunities in the emerging bioeconomy is an important first step in quantifying those economic impacts, and we thank the authors of the report. We encourage USDA to continue to develop an economic impact model that will identify additional opportunities and track the growth of the bioeconomy.”
About BIO
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter.” Subscribe to the BIO Newsletter.
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