The new economic impact report also indicates the dietary supplement industry creates 754,645 jobs nationwide and pays $38.4 billion in wages.
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Arriving the same day as the dietary supplement industry’s annual fly-in to Capitol Hill, a new economic impact report shared yesterday by the Council for Responsible Nutrition (CRN; Washington, DC) indicates the industry contributes $121.6 billion to the U.S. economy.
Produced by economic research firm John Dunham and Associates (New York City), the report also finds that the supplement industry pays $38.4 billion in wages and contributes nearly $15 billion in federal and state business taxes (not including taxes collected on product sales).
In terms of U.S. employment, dietary supplement manufacturers, wholesalers, ingredient suppliers, direct sellers, and retailers were found to directly employ 383,230 Americans. And when indirect and induced employment impacts are taken into account, the employment figure jumps to 754,645 jobs in the United States in 2016.
“The dietary supplement industry is a robust industry, and this new economic analysis further demonstrates the important and positive impact our industry has on people’s lives,” said Steve Mister, president and CEO of CRN.
The report’s release coincides with the annual fly-in day for supplement industry executives to visit with congressional leaders in Washington DC, Mister added. Last year, a record-breaking 75 CRN member company executives turned out for the 12th annual Day on the Hill. In addition to the big day on Capitol Hill, CRN urges all companies to share results of the economic impact report with national, state, and local elected officials.
“With the completion of this new report, CRN can demonstrate a trifecta of data about dietary supplements and the people who take them,” said Mister. “Here’s what we know: more than 150 million Americans take dietary supplements for the health benefits they provide; supplements offer tremendous potential for societal health care cost savings; and the industry makes vital contributions to the economy at large. What’s good for your health is also very good for America’s wallet.”
The report takes the direct, indirect, and induced impact of the dietary supplement industry into account. For instance, the supplement industry produces $16 billion in wages and contributes $51 billion in economic impact through direct contributions (those that are solely attributable to the dietary supplement industry), but those figures jump to the aforementioned total $38.4 billion in wages and $121.6 in economic contribution when indirect and induced contributions are included.
Nutritional Outlook Magazine