BioP2P Staff
The U.S. industrial bioeconomy provided $210.4 billion to the U.S. GDP and supported 643,992 domestic jobs in 2023, according to a report from TEConomy Partners.
The report considered the industrial bioeconomy exclusive of food, beverages, and pharmaceuticals.
The study found that 53,302 direct industrial bioeconomy jobs each supported more than 12 additional U.S. jobs with industrial bioeconomy workers averaging $133,600 annually in total compensation. The subsector generated $49.4 billion in direct and indirect wages.
California topped the list of states with the highest level of direct industry employment, followed by Illinois, Iowa, Nebraska, and Georgia.
Traditional biofuels, with 18,157 employees, is the largest sector of direct employment.
“Our abundant natural resources, unparalleled agricultural sector, and strong leadership in the sciences have combined to establish America’s industrial bioeconomy as a powerful engine for U.S. growth,” said Curt Blades, senior vice president of industry sectors and product leadership at the Association of Equipment Manufacturers, one of the sponsors of the report. “These are high-tech jobs, often in union-heavy supply chains like those for biofuels, that add value to the economy at every stage. With the right support from Washington and a continued focus on renewable products, this segment has the potential to turbo-charge U.S. manufacturing.”
The full report can be found here.