American Soybean Association (ASA) Washington staff joined Agriculture Secretary Tom Vilsack at the National Press Club Monday for the unveiling of a report from the U.S. Department of Agriculture (USDA) showing the rapid growth of the biobased products industry. The report details a contribution from biobased products—many of which are manufactured using soy byproducts—of $393 billion and 4.2 million jobs to the U.S. economy.

"When USDA released the first-ever Economic Impact Analysis of the U.S. Biobased Products Industry last year, we were thrilled to see what a positive impact this sector was having on our economy, and this updated analysis shows that the sector is not just holding strong, but growing," Vilsack said in a news release. "America has an appetite for everyday products-including plastic bottles, textiles, cleanings supplies and more-made from renewable sources, and that demand is fueling millions of jobs, bringing manufacturing back to our rural communities, and reducing our nation's carbon footprint. As this sector is strengthening, so is the economy in rural America, where this year the unemployment rate dropped below six percent for the first time since 2007. USDA is proud to see such strong returns on our investment into the biobased products industry."

Biobased products are also beneficial to the environment, helping reduce the use of fossil fuels and greenhouse gas emissions.

With Vilsack leading efforts to promote the domestic production and use of advanced biofuels has brought hundreds of thousands of jobs to rural communities.

“USDA support has helped 21 states build nearly 5,000 pumps at over 1,400 fueling stations to strengthen the rural economy and increase the demand for agricultural commodities used in the production of biofuels, giving American consumers more options at the pump, while at the same time creating jobs and driving down fueling costs,” the release states.

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