Developing a National Measure of the Economic Contributions of the Bioeconomy

In recent years, interest in biotechnology, biomanufacturing, and the bioeconomy has grown steadily. Researchers in the United States and other countries have sought to measure the bioeconomy and have developed a variety of definitions and approaches for doing so. Executive Order 14081, issued September 12, 2022, directs the U.S. Bureau of Economic Analysis (BEA) to assess “the feasibility, scope, and costs of developing a national measurement of the economic contributions of the bioeconomy” (White House 2022). BEA produces measures of specialized slices of the economy through its system of satellite accounts, which provide focused insights not directly apparent in BEA’s official National Income and Product Accounts (NIPAs). This report analyzes the “feasibility, scope, and costs” of developing a satellite account for the bioeconomy.