Biobased products industry pumps $3.5 billion into Michigan’s economy, supports thousands of jobs: New USDA report
LANSING, Mich. — A recent report from the U.S. Department of Agriculture – announced on the 10th anniversary of the U.S. Government’s BioPreferred Program – shined a spotlight on the positive economic impact of innovative, biobased products in Michigan and across America. Biobased products include those manufactured with agricultural products, including Michigan-grown soybeans.
“Michigan’s soybean farmers are proud to contribute to a biobased products industry that generates billions of dollars in economic activity for our state and reduces America’s reliance on oil,” said Janna Fritz, CEO of the Michigan Soybean Committee. “From auto components, to cleaning supplies, to construction materials and beyond, Michigan-grown soybeans are used in thousands of products Americans use every day – providing renewable options for consumers and helping to bolster our state’s economy.”
The report noted Michigan is in the top ten states in direct value added to the biobased chemicals sector (9th), and direct value added in the biobased plastic bottles and packaging sector (6th). According to the report, the biobased products industry:
- Supports 4.6 million American jobs – including nearly 50,000 Michigan jobs – through direct, indirect and induced contributions.
- Contributes $470 billion to the U.S. economy, including more than $3.5 billion to Michigan’s economy.
- Generates 2.79 jobs in other sectors of the economy for every biobased job.
- Displaces more than 9 million barrels of oil a year.
- Potentially reduces greenhouse gas emissions by an estimated 12.7 million metric tons of CO2 equivalents per year.
“This USDA report affirms the importance of biobased product manufacturing as a pillar of our economy here in Michigan, and across America,” said Chuck Lippstreu, president of the Michigan Agri-Business Association. “When new markets are developed for Michigan’s soybean farmers, rural businesses also benefit. This new report clearly demonstrates the value delivered back to our state by the creation of innovative new biobased products, including those made with Michigan-grown soybeans.”
To see a list of biobased products created using soybeans, visit soybiobased.org/products.