(NAFB) – The Department of Agriculture Thursday unveiled an Economic Impact Analysis of the U.S. Biobased Products Industry.

The report demonstrates that the biobased industry is a substantial generator of economic activity and jobs, and that it has a significant positive impact on the environment. According to the report, in 2017, the biobased products industry supported 4.6 million jobs, contributed $470 billion to the U.S. economy and generated 2.79 jobs in other sectors of the economy for every biobased job. Additionally, biobased products displace approximately 9.4 million barrels of oil annually, and have the potential to reduce greenhouse gas emissions by an estimated 12.7 million metric tons of CO2 equivalents per year.

USDA deputy undersecretary for Rural Development Justin Maxson announced the report on the 10th anniversary of the creation of USDA’s Certified Biobased Product Label.

Maxson says, “Biobased products are widely known for having a substantially lower impact on the environment compared to petroleum-based and other non-biobased products.”