Agbiosicence presents the unique opportunity to bridge the future of rural and urban Minnesota. A new research report just released shows that in one year alone the industry supported $23.4 billion in economic impact in Greater Minnesota and $12.5 billion in the Twin Cities area, totaling $35.9 billion in total economic impact. And with the right steps and action, agbioscience could drive additional long-term prosperity in all corners of the state.
Agbioscience is the fusion of agriculture and the associated biosciences that encompasses agricultural innovation, research, production and processing. It is the focus of the report “Economic Contribution of the Agbioscience Industry in Greater Minnesota.” The research, which studied the economic contribution of the agbioscience industry—primarily in Greater Minnesota—was conducted by the University of Minnesota’s Extension Center for Community Vitality. It was funded by the Agricultural Utilization Research Institute and Minnesota’s Initiative Foundations.
“This initiative is about creating a vision and strategy to transform Minnesota’s fundamental strength in agriculture into leading-edge innovation and economic growth for the state,” says the Institute’s Executive Director Teresa Spaeth.
Key findings for Greater Minnesota include:
- The agbioscience industry supported an estimated $23.4 billion of economic activity in Greater Minnesota in 2013.
- Given the right factors, if employment in the agbioscience industry were to grow by 10 percent between now and 2016, the economic impact of the industry would increase to an estimated $25.7 billion in Greater Minnesota.
Key findings for the Twin Cities metro include:
- Twin Cities-based agbioscience businesses supported $12.5 billion in output in 2013.
- The agbioscience industry in Greater Minnesota supported an estimated $3.2 billion of economic activity in the metro in 2013.
“Action and implementation will be key to ensuring this research doesn’t just sit on the shelf, but is implemented to create real growth. That’s why we’re partnering with Minnesota’s Initiative Foundations to better understand their regional strengths and identify specific next steps,” explains Spaeth.
The University of Minnesota’s Extension Center for Community Vitality conducted economic impact reports specific to each Initiative Foundation region, which will be shared regionally later this spring.
This work grew out of a previous report by the renowned Battelle Technology Partnership Practice, which included an assessment of Minnesota’s key capacities and opportunities in agricultural research and a suggested strategy for the state. That initial research was commissioned by the Minnesota Corn Research & Promotion Council, Minnesota Soybean Research & Promotion Council and the Agricultural Utilization Research Institute.