(NAFB) – A new study reveals the economic impact of the corn refining industry, featuring a $47 billion economic output in 2020.

The Corn Refiners Association released the study this week, detailing the industry’s contributions to the U.S. economy in terms of sales, jobs, salaries, purchases, and taxes. The study finds the economic power of the corn wet-milling industry results in $3.3 billion in state and federal taxes, 167,700 total jobs, $10 billion in total wages and $47 billion in total economic output.

John Bode, President and CEO of the Corn Refiners Association, says, “This report underscores the essential role America’s corn refiners play in our nation’s agricultural and economic value chain.” John Dunham and Associates completed the economic study.

The study calculates the direct impact of the corn refining industry on jobs, wages, economic output and taxes at the national level. It also examines the economic impact on a state-by-state basis, as the association’s member companies operate 25 plants in ten states.