Renewable Fuels Spur Enormous Economic Development in SD

Most people only see ethanol as a choice at the gas pump. But in South Dakota, it’s far more than that. Besides reducing toxic emissions and reducing our dependence on foreign oil, the renewable fuels industry has an annual enormous economic output of $6.9 billion including 26,000 jobs, $2.1 billion in wages and $581.7 million worth of tax revenues. These stats are according to a new economic footprint analysis released today by Fuels America.

To view a summary of the footprint analysis for South Dakota click here:

http://www.sdcorn.org/documents/publications/FA_State_Economic_Report1.pdf

To view the study’s complete details broken to into direct, indirect and supplier numbers, you can click here:

http://www.sdcorn.org/documents/publications/FA_State_Output_Table.pdf

The report tells the story of an innovative biofuels industry that is producing growing benefits for America’s economy.

Nationally, renewable fuel drives $184.5 billion of economic output, supports over 852,000 jobs and generates $14.5 billion in annual tax revenue.

“The data is in: the Renewable Fuel Standard (RFS) is driving billions of dollars of investment by the biofuel sector to bring clean, low carbon renewable fuels to market,” the footprint analysis concluded. “This investment creates a ripple effect as supplier firms and employees re-spend throughout the economy.”