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.
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. The study will also be helpful in a number of other ways:
• Help members of Congress and the public fully understand the impact of government action on the economy and the industry;
• 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.
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