Ethanol Industry Fuels Economy
Corn growers need to feel proud that the ethanol industry held a very significant impact on the overall U.S. economy.
The U.S. ethanol industry faced a number of regulatory and marketplace challenges in 2018, but continued to make a remarkable contribution to the nation’s economy, according to a new study released Tuesday (2/12) at the Renewable Fuels Association’s (RFA) 24th annual National Ethanol Conference.
Ethanol supported nearly 366,000 jobs and generated nearly $46 billion in gross domestic product in 2018. It continues to make a significant impact in terms of job creation, generation of tax revenue, and displacement of crude oil and petroleum products.
The importance of the ethanol industry to agriculture and rural economies is particularly notable. It added nearly $25 billion in income for American households.
The U.S. ethanol industry produced a record 16.1 billion gallons of high-octane, clean-burning renewable fuel in 2018, up about 200 million gallons from 2017 and the sixth straight annual increase in production.