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National Economic Impact Study for horse industry has Sept. 29 deadline
The American Horse Council is currently surveying horse owners and vendors for the 2023 National Economic Impact Study, which most recently was conducted in 2017.
The purpose of the census is to demonstrate the value of the equine industry in the national and state economies by analyzing the direct, indirect, and induced economic impacts of horse ownership, recreation, and equine-related services. The Thoroughbred breeding and racing industries are an important part of the overall economic impact, including in Maryland.
The deadline to complete the survey, being done by The Innovation Group, is Sept. 29. The link for horse owners and industry suppliers is available here.
The AHC said major economic changes have occurred during the past five years. Not only have business closures and resulting federal stimulus programs related to the pandemic made a major impact, but the horse industry has adapted to historic changes made to the tax code since 2017.
An economic impact study examines the effect an event or industry has on the economy and usually measures changes in business revenue, business profits, personal wages, and/or jobs. As a large, economically diverse industry, the United States horse industry contributes significantly to the American economy.
Over the course of its 50-plus year history, the AHC has conducted numerous national economic impact studies for the U.S. horse industry, which has included such pivotal years as 1987, 1997, 2007 and, the most recent study, 2017. Data collected will inform public and private investments in equine-related businesses, equine health care, education, land use decisions, tax policy, tourism, employment incentives, and other matters.
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With the approval of legislation that authorizes the redevelopment of Pimlico Race Course and creation of a not-for-profit operator under the Maryland Thoroughbred Racetrack Operating Authority, the planning process for operations after Jan. 1, 2025, has hit high gear.
Maryland Thoroughbred Horsemen’s Association Executive Director David Richardson met with horsemen and employees at Pimlico Race Course April 26 to discuss plans by Maryland Jockey Club to transition workers and horses later this year to Laurel Park as part of the ongoing plan to redevelop Pimlico.
