An economic analysis of the ethanol industry found significant contributions to the U.S. Economy.
Announced by the Renewable Fuels Association during its annual National Ethanol Conference, the organization says the study shows that despite regulatory and marketplace challenges in 2018, the industry made a “remarkable contribution” to the U.S. economy.
The analysis found that the industry supported nearly 366,000 jobs and generated nearly $46 billion in gross domestic product in 2018.
According to the analysis, the production and use of 16.1 billion gallons of ethanol in 2018 generated an estimated $4.8 billion in tax revenue to the Federal Treasury and $4 billion in revenue to state and local governments.
The analysis also estimated the impact of the ethanol industry on the state economy in top ethanol-producing states.
Iowa, Nebraska, and Illinois were the top three states in terms of economic impacts, but states like Ohio, Kansas, Michigan, Texas, Missouri, California, and New York also benefited from ethanol plants’ contributions.