Report: Drax expected to boost Louisiana economy by $536 million in 2023

(Courtesy Drax)

An independent, third-party economic analysis has shown that Drax Group, a leader in sustainable biomass, could contribute $536 million to Louisiana’s economy in 2023, reports The Minden Press-Herald.

A team of data scientists and economists at Chmura, a Virginia-based economic analysis group, measured the economic impact of Drax’s biomass operations, corporate offices in Monroe and export facility at the Port of Greater Baton Rouge, as well as indirect revenues of other businesses supported by Drax’s operations.

“As we grow the agribusiness sector, we also increase exports at the Port of Greater Baton Rouge, and contribute to the revitalization of Louisiana’s rural communities,” says Louisiana Economic Development Secretary Don Pierson.

Sustainable biomass uses harvest residuals and low-grade wood such as tops and branches, low quality trees or parts that are diseased or misshapen. This market for low-grade wood helps improve the health and productivity of forests while providing rural parishes with a new income stream. Read the entire story.