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POET conducts economic impact study

 

A successful ethanol company attempts to quantify the impact it has on the economy.

South Dakota-based POET is one of the world’s largest ethanol producers and recently announced the findings of an economic study that public relations director Matt Merritt says looked at every level.

“That could be someone who’s directly employed by the ethanol plant.  It could also be a job or economic activity that comes from us purchasing grain from a farmer or supplies for the plant.”

He tells Brownfield the study also broke down the indirect effect the company has on the economy.

“What sort of effect does POET have on let’s say the local restaurant?  Maybe we’re not even directly buying something (from the restaurant), but maybe one of the team members that works for POET takes his family out to the restaurant.  There’s more money that circulates through a community.”

POET operates 27 ethanol plants in seven states. Merritt says the study revealed the company added $5.4 billion dollars to the national gross domestic product, generating $13.5 billion in sales for U.S. businesses and supporting nearly 40,000 full time jobs.

“In some cases these plants are creating jobs, not only at the plant but in other industries.  Also just touching a lot of jobs and improving the prospects for a lot of jobs, such as a farmer.  He’s selling grain and maybe gets a little better price because of the POET plants.”

POET hired a third party to conduct the study and you can follow the link below to see the full report.

 

www.poet.com/impact