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Study says ethanol industry boosted Minnesota economy by $2.31 billion

Courtesy of MNBiofuels
Courtesy of MNBiofuels

The Minnesota Biofuels Association (MNBiofuels) revealed an ABF Economics study that has shown the ethanol industry’s $2.31 billion (€2.03 billion) contribution to Minnesota’s economy.

According to the study, Minnesotan ethanol producers generated 1.27 billion gallons of ethanol, 3.8 million tons of dried distiller’s grains with solubles (a high-protein animal feed) and 283 million pounds of corn oil.

It was outlined that this produced $6.9 billion (€6.08 billion) gross sales for Minnesota businesses and supported 20,137 jobs in 2018.

Continuing, the study also detailed the industry’s $1.74 billion (€1.53 billion) contribution to household income, as well as a $204 million (€179 million) in state and local taxes last year.

“This study once again shows the importance of the ethanol industry to Minnesota’s economy,” said Tim Rudnicki, executive director of MNBiofuels.

In comparison to 2017, the industry’s GDP contribution in 2018 grew 6.4% whilst full-time jobs supported by the industry grew by 7%.

Regarding the co-products, the study also outlined how the 3.8 million tons of dried distiller’s grains with solubles produced was enough to meet the annual feed requirements of more than 2.5 million beef and dairy cattle.

The 283 million pounds of corn oil was enough to produce 38 million gallons of biodiesel, which accounted for over 45% of Minnesota’s biodiesel capacity.

You can read the study which was prepared for the association here.

Courtesy of MNBiofuels