The last three years have been a time of great change throughout the country for homes, businesses and industries. Rising costs of living, shrinking of assistance and changes in demographics have affected so much of our world, and that includes the equine industry.
However, not all of the changes are easy to identify. Which is why the American Horse Council (AHC) is kicking off what could be one of the biggest studies in its more than 50 years with the 2023 National Economic Impact Study.
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 of 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.
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.
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. “The challenges of the last few years with the pandemic and its economic impacts on all aspects of our industry make the 2023 study all that more important and necessary,” states Dr. Rick Mitchell, Chairman of the AHC Board.
Data collected will inform public and private investments in equine-related businesses, equine health care, education, land use decisions, tax policy, tourism, employment incentives, etc.
The survey begins April 3 and goes through September 29.
New this year are sponsored incentives for individuals and groups who participate in the survey, including a John Deere Z545R ZTrak Mower valued at $7500, one year of Nutrena feed for one horse (a $2,000 value); one year of Purina feed for one horse (a $500 value/horse); gift certificates from Trafalgar Square Books (total value $180); enrollment in Texas A&M AgriLife Equine Reproductive Management Online Course valued at $300/enrollment; plus more.
“The Economic Impact Study is the most effective tool in our advocacy quiver,” says Julie Broadway, president of the AHC. “When the industry needs to take aim at an issue, this data is invaluable in helping us paint the picture of the contributions the industry makes and the breath & depth of its composition.”
If you have questions, contact American Horse Council President Julie Broadway at email@example.com