A new report from the US biotechnology sector paints a positive outlook for the US advanced biofuels industry. A recent study, commissioned by the Biotechnology Industry Organization (BIO), concluded that the Renewable Fuel Standard (RFS) levels for advanced biofuels production will drive the creation of a major new industry, creating a foundation for future technology development and commercial growth. BIO analyzed the economic impact of increasing US advanced biofuel production to 21 billion gallons per year by 2022 and found the following: 

• Direct job creation from advanced biofuels production could reach 29,000 by 2012, rising to 94,000 by 2016 and 190,000 by 2022. Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012, 383,000 in 2016, and 807,000 by 2022.

• Investments in advanced biofuels processing plants alone would reach $3.2 billion in 2012, rising to $8.5 billion in 2016, and $12.2 billion by 2022. Cumulative investment in new processing facilities between 2009 and 2022 would total more than $95 billion.

• Direct economic output from the advanced biofuels industry, including capital investment, research and development, technology royalties, processing operations, feedstock production and biofuels distribution, is estimated to rise to $5.5 billion in 2012, reaching $17.4 billion in 2016, and $37 billion by 2022.

• Taking into consideration the indirect and induced economic effects resulting from direct expenditures in advanced biofuels production, the total economic output effect for the US economy is estimated to be $20.2 billion in 2012, $64.2 billion in 2016, and $148.7 billion in 2022.

• Advanced biofuels production under the RFS scenario could reduce US petroleum imports by approximately $5.5 billion in 2012, $23 billion in 2016, and nearly $70 billion by 2022. The cumulative total of avoided petroleum imports over the period 2010–2022 would exceed $350 billion.