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An Analysis of the Economic Impacts of the Iowa Bioprocessing Center in Eddyville, Iowa David Swenson Associate Scientist Regional Capacity Analysis Program.

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Presentation on theme: "An Analysis of the Economic Impacts of the Iowa Bioprocessing Center in Eddyville, Iowa David Swenson Associate Scientist Regional Capacity Analysis Program."— Presentation transcript:

1 An Analysis of the Economic Impacts of the Iowa Bioprocessing Center in Eddyville, Iowa David Swenson Associate Scientist Regional Capacity Analysis Program Department of Economics

2 What was studied? Cargill, Inc., Ajinomoto Heartland, LLC, and Wacker Chemical Corporation Plus Assessment of grain price premiums to area farmers, and a brief regional economic assessment

3 Some Terms Economic impact: net direct and indirect productivity in the region attributable to export sales Input output modeling: an economic model that considers all inputs into production and the likelihood that those inputs were purchased in the region Study region: Mahaska, Monroe, and Wapello County

4 Aggregate Characteristics of the Iowa Bioprocessing Center Total jobs702 Estimated payroll$41.86 M Avg. per job$ 59,634 Corn processed85 MBu

5 Table 1. The Iowa Bioprocessing Center Economic Impacts (Excluding Regional Corn Purchases) DirectIndirectInducedTotal Total Multiplier Output 717,923,368153,847,485 43,923,885 915,694,7381.28 Value Added 87,201,37676,949,672 26,025,499 190,176,5472.18 Labor income 41,863,45054,186,956 13,296,029 109,346,4352.61 Jobs 702 1,107 551 2,3603.36

6 Regional Economy Table 2. Total Economic Values for the Region Output 4,746,411,000 Value Added 1,800,006,000 Labor Income1,167,510,000 Jobs 36,103

7 Corn Prices: July 25, 2007

8 Table 3. Potential Price Premium to Regional Farmers Bushels of Regional Corn Supply Purchased 5 Cents Per Bushel Premium 10 Cents Per Bushel Premium 10.64 Million $ 532,000 $ 1,064,000 15.97 Million $ 798,080 $ 1,596,160 21.28 Million $ 1,064,000 $ 2,128,000

9 Table 4. Producer Premium Economic Impact Ranges 5 Cents Per Bushel Premium 10 Cents Per Bushel Premium Bushels of Regional Corn Supply PurchasedLabor IncomeJobsLabor IncomeJobs 10.64 Million 90,265 3.7 180,530 7.4 15.97 Million 135,411 5.6 270,822 11.1 21.28 Million 180,530 7.4 361,060 14.8

10 Bottom Line: Extremely important component of the regional economy True industrial cluster characteristics Diversified and integrated production here is in a much better and more sustainable position than other, more recent additions to the bioeconomy in Iowa.

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