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UME Publishes Report On Economic Contribution Of The Biobased Economy In The State

The University of Minnesota Extension (UME) recently published a report titled “Economic Contribution of the Biobased Industrial Products Industry in Minnesota: 2019.” The report accounts for the economic impacts from the Minnesota Bioincentive Program enacted in 2015. Some of the key findings outlined by UME include but are not limited to the ones outlined below:

  • In 2019, companies claiming the Minnesota Bioincentive received $1.5 million in incentives. For every tax dollar invested in incentives, $407.10 is generated in the economy. In addition, for every dollar of incentive, approximately $8.90 is collected in taxes.

  • Construction activities of Minnesota biobased industrial product companies generated an estimated $1.2 billion of economic activity in the state, including $540.6 million in labor income. These activities also supported employment for more than 8,000 workers and generated approximately $46.5 million in tax collections.

  • Operations of Minnesota’s biobased industrial product companies generated an estimated $610.7 million of economic activity resulting from their operations, including $127 million in labor income. It also supported employment for more than 2,000 workers in the state and generated an estimated $13.3 million in tax collections.

According to the report, these impacts are annual and will continue to grow as long as companies do. A full copy of the report is available here.

©2022 Bergeson & Campbell, P.C.National Law Review, Volume X, Number 248
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About this Author

Lynn Bergeson, Campbell PC, Toxic Substances Control Act Attorney, federal insecticide lawyer, industrial biotechnology legal counsel, Food Drug Administration law
Managing Partner

Lynn L. Bergeson has earned an international reputation for her deep and expansive understanding of the Toxic Substances Control Act (TSCA), the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), European Union Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), and especially how these regulatory programs pertain to nanotechnology, industrial biotechnology, synthetic biology, and other emerging transformative technologies. Her knowledge of and involvement in the policy process allows her to develop client-focused strategies whether...

202-557-3801
Ligia Duarte Botelho Bergeson Campbell Manager
Manager

Ligia Duarte Botelho, M.A., Manager with B&C® Consortia Management, L.L.C. (BCCM), assists consortia in reaching and exceeding their institutional goals in policy advocacy, public outreach, product stewardship, and testing and compliance.  Ms. Botelho offers BCCM clients the significant experience she gained as manager of a national medical science research and policy consortium, with a demonstrated excellence in synthesizing and communicating effective advocacy messages in her work with academic, global health, and science institutions.  Ms. Botelho holds a Master’s degree...

202-833-6583
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