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Study shows 2024 was a record year for biodiesel economic impact

A new study shows that the biodiesel industry helped contribute more than $42 billion to the US economy in 2024.

Kate Shenk (shank), director of regulatory affairs with Clean Fuels Alliance America, says the organization’s report makes it clear that 2024 was a record-setting year. “These are real world results showing what we’re delivering for farmers, rural communities and the US economy.”

The study, “Economic Impact of Biodiesel on the US Economy in 2024,” says the industry generated $42.4 billion in economic activity, supported 107,400 jobs and paid $6 billion in annual wages.

Shenk tells Brownfield almost half of the economic impact came from soybean growers. “When we talk about oilseed production, that is economic value benefiting out soybean growing states. On that side, we saw $15.2 billion in economic value, $1.5 billion in wages and over 30,000 jobs.”   

She says that the industry has the capability to produce 7.4 billion gallons diesel in the future, which could contribute more than $60 billion annually to the US economy.