The National Corn Growers Association has filed comments with the Office of Management and Budget urging the agency to reconsider updates recommended by one of its committees to better capture the economic impact of the emerging bioeconomy.
NCGA said the continued growth of the U.S. bioeconomy depends on the ability to accurately measure its size and economic contributions. Federal statistics from OMB are used by industries for market research, assessing economic impact and identifying new market opportunities.
The organization said industry-specific classifications are needed to more accurately measure emerging markets and their contributions to the economy. These markets include sustainable aviation fuel, bioplastics, renewable chemicals and other new uses for agricultural products.
NCGA said better measurement would provide policymakers, investors and analysts with clearer information about the bioeconomy's economic scope and potential. More comprehensive data could also help demonstrate the potential benefits of expanding markets for bio-based products and fuels.
The association said improved economic classifications would help capture the contributions of these growing industries to rural America and the broader U.S. economy.
The full letter can be read here.
Source: National Corn Growers Association, "NCGA Urges Revised Codes to Measure the Growing Bioeconomy"