A new study commissioned by the Iowa Renewable Fuels Association concludes that the biofuels industry is responsible for more than 48,000 jobs in the state and generates more than $2.5 billion in Iowa household income. The study, authored by John Urbanchuk of ABF Economics, also found that biofuels account for over $5 billion of Iowa’s gross domestic product, or approximately 3 percent of state GDP. The 4.35 billion gallons of ethanol produced in Iowa last year used 1.5 billion bushels of corn, or 58 percent of Iowa’s 2017 2.6 billion-bushel corn crop. While the study found the “importance of the biofuels industry to agriculture and rural economies is particularly notable,” it also found that “policy stability is essential to maximize these benefits. Uncertainty surrounding issues like [small-refinery exemptions], tax credit extensions, trade with China, year-around E15 sales, and the [Renewable Fuels Standard] reset will impede the ability of the industry to provide these societal benefits.” To view the full study, click here.