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U.S. biobased economy jumps $24 billion

U.S. Agriculture Secretary Tom Vilsack says that in 2014, biobased products contributed $393 billion and 4.2 million jobs to the U.S. economy.

“This year’s report reflects a $24 billion increase in the impact that the biobased economy on the overall U.S. economy,” said Vilsack Monday at the National Press Club in Washington, D.C.

Vilsack cited a USDA report indicating growth in the biobased sector from 2013 to 2014, creating or supporting an additional 220,000 jobs.

“And this is an industry that has helped move the unemployment rate in rural America down from its high of over 10 percent, to less than six percent for the first time in approximately ten years,” he said.

The biobased economy is one of the four pillars supporting the rural economy, according to Secretary Vilsack.  It includes everyday products such as plastic bottles, textiles and cleaning supplies made from renewable sources.

AUDIO: Tom Vilsack (2 min. MP3)