New Study Reveals Powerful Economic Impact Of Corn Refining Industry
16 Feb, 2021, 09:00 ET
WASHINGTON, Feb. 16, 2021 /PRNewswire/ -- A new study reveals the immense economic impact of the corn refining industry, featuring a $47 billion economic output in 2020, working to strengthen rural America while producing a wide variety of value-added products and materials. The report details the industry's contributions to the U.S. economy in terms of sales, jobs, salaries, purchases, and taxes.
The economic power of the corn wet-milling industry results in:
- $3.328 billion in state and federal taxes
- 167,786 total jobs
- $10.013 billion in total wages
- $47 billion in total economic output
Corn is nature's renewable building block and can be found in most products that comprise our everyday lives—shampoo, wallpaper, laundry detergent, yogurt, pharmaceuticals, packaging, pasta, and more. Annually, 10-15% of American corn farmers' crops are refined in corn wet-milling facilities, where our nation's cornerstone crop is converted into a valuable resource utilized all day, every day. For years, corn-related innovations in chemistry and technology have made food taste better, cosmetics last longer, pharmaceuticals easier to swallow and plastics environmentally friendly. Now, corn products are used in 3-D printing inks and studied by nanotechnology scientists as a method for delivering cancer treatments. From America's corn fields to corn refining plants, new technology allows us to preserve resources for future generations.
"This report underscores the essential role America's corn refiners play in our nation's agricultural and economic value chain," said John Bode, President & CEO of the Corn Refiners Association. "While our members represent some of the biggest names in value-added agriculture, they remain deeply rooted in rural America, where they serve as pillars of economic growth. They work to foster technological innovation, expand commercial opportunities, advance free trade, build the bioeconomy, and feed a hungry world."
The economic study was completed by John Dunham and Associates. The study calculates the direct impact of the corn refining industry on jobs, wages, economic output and taxes at the national level. It also examines the economic impact on a state-by-state basis, as the association's member companies operate 25 plants in ten states.
View the full report here: https://corn.org/economic-impact/
The Corn Refiners Association (CRA) is the national trade association representing the corn refining industry of the United States. CRA and its predecessors have served this important segment of American agribusiness since 1913. Corn refiners manufacture sweeteners, starch, advanced bioproducts, corn oil and feed products from corn components such as starch, oil, protein and fiber.
Contact: [email protected]
SOURCE Corn Refiners Association
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