Texas Horse Industry Delivers $5.2 Billion Annually to State Economy
Equestrian News Release
AUSTIN, Texas, June 29 /PRNewswire/ -- The Texas horse industry contributes $3 billion in direct economic impact to the state's economy and generates close to $110 million in annual taxes according to a new study released today by the American Horse Council (AHC). The study also reveals the industry supports over 96,000 jobs and has an overall economic impact of $5.2 billion in Texas.
The study titled, "The Economic Impact of the Horse Industry in the United States," is the most comprehensive research document ever compiled on the American horse industry. The study highlights 15 breakout states, including Texas, that account for more than 51% of the U.S. horse population. In terms of total effect on the gross domestic product, California leads the way at $6.97 billion a year, followed by Texas at $5.23 billion and Florida at $5.15 billion.
"This study confirms what we in the industry already knew, that the Texas horse industry is a vital contributor to our state's economy," said Rob Werstler with the Texas Quarter Horse Association. "Never before has the impact of our industry been so dramatically demonstrated."
Key industry statistics and economic indicators in the report include:
* Total economic impact of $5.2 billion by activity:
* $848 million from Racing
* $1.9 billion from Showing
* $1.5 billion from Recreation
* $898 million from other activities
* Estimated number of horses in Texas: 979,000
* Estimated number of horses by activity:
* 104,000 in Racing
* 311,000 in Showing
* 340,400 in Recreation
* 222,600 in other activities
"This study paints a positive picture for our industry, but the future of the Texas horse industry is truly at a crossroad," said Dave Hooper, Texas Thoroughbred Association executive director. "The reality is that Texas is losing horses to our neighboring states that offer video lottery terminals (VLTs) at their tracks. States like Louisiana and New Mexico are simply offering greater economic incentives and more lucrative purses for the horse industry due to revenues generated by VLTs.
"While this report demonstrates that we have been and will continue to make a significant impact to the state's economy, the Texas legislature continues to ignore the additional $1.4 billion in new revenue we could bring to the state with the authorization of VLTs," Hooper said. "This is particularly unfortunate at a time when the State of Texas is facing difficult decisions on how to generate increased revenues to pay for needed services."
Conducted by Deloitte Consulting, LLC over the last year, the study was commissioned by the American Horse Council Foundation with major funding support from the American Quarter Horse Association, The Jockey Club, the National Thoroughbred Racing Association and Breeders' Cup Limited, Keenland Association, American Paint Horse Association, American Association of Equine Practitioners, U.S. Trotting Association, Thoroughbred Owners and Breeders Association and the U.S. Equestrian Federation.
Reader Comments
Be the first to submit a comment on this article!
Submit your comments
Link to this article
---------------------- It's easy! Just copy code below and paste into your webpage --------------------
<a href="http://www.equestrianmag.com/article/texas-horse-industry-state-economy.html">Texas Horse Industry Delivers $5.2 Billion Annually to State Economy </a> ~ EquestrianMag.com
----------------------------------------------------------------------------------------------------------------------------------
Your link will appear like this:
Texas Horse Industry Delivers $5.2 Billion Annually to State Economy ~ EquestrianMag.com
|
