WASHINGTON, June 8, 2016 /PRNewswire-USNewswire/ -- More than two-thirds of American adults take dietary supplements each year, and according to a new economic impact report released today, the dietary supplement industry contributes $121.6 billion to the U.S. economy, creates 754,645 jobs nationwide, and pays $38.4 billion in wages. Additionally, the industry contributes nearly $15 billion in business taxes—federal and state—not including taxes collected on product sales.
The economic impact report was produced by John Dunham and Associates for the Council for Responsible Nutrition (CRN), the leading trade association for the dietary supplement industry. The results are accessible on a public website and provide data on a national basis, as well as state-by-state and by congressional district.
According to CRN President & CEO Steve Mister, "The dietary supplement industry is a robust industry, and this new economic analysis further demonstrates the important and positive impact our industry has on people's lives. We're releasing this report today in conjunction with our annual fly-in on Capitol Hill, where more than 60 dietary supplement industry executives from 40 companies will share this information with elected officials. We urge all companies in the industry to do the same on national, state and local levels."
The statistics cited in this press release are based on the total overall economic impact from the industry, which combines direct contributions (those that are solely attributable to the dietary supplement industry), indirect contributions (those that result from dietary supplement industry firms purchasing goods and services from other industries) and induced effects (which economists refer to as the multiplier effect of an activity—in this case, resulting from the dietary supplement industry). The website reports break out all three categories in addition to providing the total economic impact. To read more about the full methodology employed, visit this section of the online report.
Mr. Mister added, "With the completion of this new report, CRN can demonstrate a trifecta of data about dietary supplements and the people who take them. Here's what we know: more than 150 million Americans take dietary supplements for the health benefits they provide; supplements offer tremendous potential for societal health care cost savings; and the industry makes vital contributions to the economy at large. What's good for your health is also very good for America's wallet."
Note to Editor: The Council for Responsible Nutrition (CRN), founded in 1973, is a Washington, D.C.-based trade association representing 150+ dietary supplement and functional food manufacturers, ingredient suppliers, and companies providing services to those manufacturers and suppliers. In addition to complying with a host of federal and state regulations governing dietary supplements and food in the areas of manufacturing, marketing, quality control and safety, our manufacturer and supplier members also agree to adhere to additional voluntary guidelines as well as to CRN's Code of Ethics. Visit www.crnusa.org. Follow us on Twitter @crn_supplements and @wannabewell and on Facebook.
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SOURCE Council for Responsible Nutrition