SAN DIEGO The U.S. ethanol industry added $42.1 billion to the nations gross domestic product and supported nearly 340,000 jobs in 2016, according to a new study commissioned by ABF Economics. The study, released today by the Renewable Fuels Association at the 22nd annual National Ethanol Conference, looked at the contribution of the ethanol industry to the U.S. economy in 2016. The ethanol industry continues to make a significant contribution to the economy in terms of job creation, generation of tax revenue and displacement of imported crude oil and petroleum products. The importance of the ethanol industry to agriculture and rural economies is particularly notable, the study found. According to the analysis, the production and use of 15.25 billion gallons of ethanol last year also:
- contributed nearly $14.4 billion to the U.S. economy from manufacturing;
- added more than $22.5 billion in income for American households;
- generated an estimated $4.9 billion in tax revenue to the Federal Treasury and $3.6 billion in revenue to state and local governments;
- displaced 510 million barrels of imported oil, keeping $20.1 billion in the U.S. economy;