US state of Minnesota gets $2.3 billion boost from ethanol in 2018
Minnesota’s ethanol industry contributed $2.31 billion (€2.14 billion) to the US state’s gross domestic product (GDP) in 2018, a new study from ABF Economics has found.
Throughout 2018, Minnesota’s ethanol producers yielded 1.27 billion gallons of ethanol, 3.8 million tons of dried distiller’s grains with solubles and 283 million pounds of corn oil, which is used in the production of biodiesel.
According to the study, this generated $6.9 billion (€6.39 billion) in gross sales for businesses in the state, supporting 20,137 jobs. The study also found that Minnesota’s ethanol industry contributed $1.74 billion (€1.61 billion) in household income and paid $204 million (€189 million) in state and local taxes in 2018.
“This study once again shows the importance of the ethanol industry to Minnesota’s economy,” said Tim Rudnicki, executive director of the Minnesota Bio-Fuels Association (MNBiofuels).
The findings noted that the industry’s GDP contribution in 2018 increased by 6.4% year-on-year to $2.31 billion (€2.14 billion) from $2.17 billion (€2.01 billion). Full-time jobs supported by the industry were 7% higher in 2018 than the previous year.
In terms of co-products produced by the ethanol industry, the 283 million pounds of corn oil in 2018 was sufficient to produce 38 million gallons of biodiesel, which equated to more than 45% of Minnesota’s biodiesel capacity.
The ABF Economics study was prepared for MNBiofuels.
Throughout 2018, Minnesota’s ethanol producers yielded 1.27 billion gallons of ethanol, 3.8 million tons of dried distiller’s grains with solubles and 283 million pounds of corn oil, which is used in the production of biodiesel.
According to the study, this generated $6.9 billion (€6.39 billion) in gross sales for businesses in the state, supporting 20,137 jobs. The study also found that Minnesota’s ethanol industry contributed $1.74 billion (€1.61 billion) in household income and paid $204 million (€189 million) in state and local taxes in 2018.
“This study once again shows the importance of the ethanol industry to Minnesota’s economy,” said Tim Rudnicki, executive director of the Minnesota Bio-Fuels Association (MNBiofuels).
The findings noted that the industry’s GDP contribution in 2018 increased by 6.4% year-on-year to $2.31 billion (€2.14 billion) from $2.17 billion (€2.01 billion). Full-time jobs supported by the industry were 7% higher in 2018 than the previous year.
In terms of co-products produced by the ethanol industry, the 283 million pounds of corn oil in 2018 was sufficient to produce 38 million gallons of biodiesel, which equated to more than 45% of Minnesota’s biodiesel capacity.
The ABF Economics study was prepared for MNBiofuels.
Loading ...
