In 2017, the AHC Foundation will be updating its National and State Economic Impact Studies!
What is an Economic Impact study?
An economic Impact Study examines the effect an event or industry has on the economy. It usually measures business revenue, business profits, personal wages, and/or jobs. A study of the horse industry will document the economic effects of the racing, showing, recreation and other segments of the horse industry on the state and national economy. It will also provide invaluable demographic data, and insights into professions and related industries that are impacted by equine ownership.
Why does the horse industry need a study?
Anecdotes have their place, but when it comes to proving our economic impact, we need credible proof. An Economic Impact Study will put data behind the economic and social benefits of the industry. Check out this handy infographic with some implications and insights!
How much will the study cost?
Proposals to conduct the study place the costs at roughly $500,000 for the national study and $20,000 for individual state breakout studies.
Where does funding come from?
Past studies (1996 and 2005) were funded by organizations and individuals in the equestrian industry.
For the 2017 Study AHC also plans to apply for several grants to help underwrite the expense.
Letters have been sent to all AHC members, State Agriculture and Tourism Departments, State Veterinarians, State Horse Council, and horse breed and disciplines organizations.
How can findings be used?
The Study will enable the horse industry to educate the public, the media and elected officials in Congress and state legislatures regarding the industry’s economic size, impact and importance.
– Economic Impact Studies are commonly developed in conjunction with proposed legislation or regulatory changes, in order to fully understand the impact of government action on the economy.
– Economic Impact Studies can be used to advocate for legislative or regulatory change, to communicate the merits of the proposed action. It can be useful with lobbying, media relations, and community outreach efforts.
– Economic Impact Studies are often used to examine the consequences and impacts of economic development projects and efforts, such as real estate development (competition grounds), business openings and closures, and site selection projects. The analyses can also help increase community support for these projects, as well as help obtain grants, and tax incentives.
– Economic Impact Studies are used frequently in planning and decision making regarding product development and to aid in development of marketing strategies.
Why should industry participants support the economic impact study?
All industries need good economic data to inform their decision making and influence policy makers. As a result, it is vital for the industry to have a clear understanding of the size and economic impact of the diverse segments of the horse industry. The 2005 AHC Economic Impact Study has been the primary source of economic data about the equine industry, however because that data is now over 10 years old its usefulness is limited and no longer reliable. Only by initiating a new study can the industry and policy makers know they are making decisions based on accurate information.
Information provided by the study is invaluable for educating Members of Congress and other elected officials about the importance of the industry to their districts and states. The study makes it clear that the racing industry is worth protecting and promoting because of the jobs it creates and is not just an enjoyable pastime for a few enthusiasts. It is also used by the U.S. Department of Agriculture and others when developing policies and regulations that impact the health and welfare of horses.
Our diverse industry generates local, state and federal taxes, supports thousands of jobs and has a positive impact on the U.S. economy. Updating the AHC Economic Impact Study is the best way to ensure that credible data is available to those that are looking for it, including a Members of Congress, state legislators, or business owners.
What if I am interested in just a State Breakout?
While we certainly want to have as many states as possible participate as breakouts in the 2017 Economic Impact Study, please note that we must secure enough pledges to do the National Economic Impact Study before any State Breakout data can be collected. As such, we hope that you or your organization will consider a pledge towards the National Study in addition to a State Breakout.
If you are interested in pledging towards a State Breakout, please fill out the state pledge form here. Remember, it does not have to be one single organization that pledges funds towards a breakout; it can be a combination of groups that work together to raise enough funds to secure a state breakout. For example, the 2005 Florida State Breakout was made possible by the support of Calder Race Course, the Florida HBPA, Florida Thoroughbred Breeders’ & Owners’ Association, Gulfstream Park, Tampa Bay Downs, and the Tampa Bay Downs HBPA.
How do I donate?
Donations can be made two ways:
- Pledge Form and Check. Please fill out and send in the pledge form available here for the 2017 Economic Impact Study along with your check. Check and form can be set to the American Horse Council Foundation, 1616 H Street NW, 7th Floor, Washington, DC 20006. In the MEMO portion of the check, please note you are contributing to the 2017 Economic Impact Study.
- Secure Online donations are also accepted. Click here to donate online: All donations to the AHC Foundation for the Economic Impact Study are tax-deductible. The AHC Foundation is a Section 501(c)(3) organization under the Internal Revenue Code.