Over the course of its 50-plus year history, the American Horse Council (AHC) has conducted numerous National Economic Impact Studies of the US horse industry, with the most recent study completed in 2017. The next study will take place in 2023. The challenges of 2020 and 2021 with the pandemic and its economic impacts on all aspects of our industry make the 2023 study all that more important and necessary.
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. Here are just a few of the many ways the AHC National Economic Impact Study is used:
- Educate decision-makers/lawmakers on the economic impact of the equine industry nationally or locally
- Identify trends, and project/forecast indicators when used in conjunction with previous studies
- Pinpoint areas of growth in the industry to foster, and identify gaps that need attention
- Assess the demographics of the industry (age, income levels, etc.)
- Identify the monetary impacts the industry has on a community through tourism, jobs, etc.
- Inform possible decisions regarding business development such as construction or renovation of venues and trails, and determine the viability of events
- Provide context to arguments and cases for legal defense, adverse legislation or regulation, or development or expansion that may negatively impact the industry
- Help fight for green space and public lands
Designing and preparing such a large study requires months of advanced planning. AHC is now launching Phase 1 and Phase 2 of the preliminary study design.