The American Horse Council (AHC)'s Economic Impact Study published earlier this month found that New York State's equine industry has grown by $1.1 billion and added nearly 10,000 new jobs since the New York Horse Racing and Agriculture Industry Alliance conducted a parallel study in 2012, it was announced Tuesday. With over 154,000 horses stabled in New York–39,000 of which are Thoroughbreds–the state's equine industry is the second largest agribusiness in the state, generating $5.3 billion in economic impact, a 26% increase over the last five years and a 121% growth rate since a study was conducted in 2005.
The study found that Thoroughbreds account for the largest segment of the state's horse population.
“We are a labor-intensive industry,” said Joe Appelbaum, president of the New York Thoroughbred Horsemen's Association, which represents more than 4,000 Thoroughbred owners and trainers. “That is particularly true of the racing industry, which boasts 80 jobs for every 100 racehorses. Horses are an invaluable asset for New York, and a thriving equine industry is vital to the state's economy.”
The racing sector of the equine industry accounted for a total economic impact of $3.08 billion on the New York economy while supporting 19,704 jobs. The numbers take into account direct expenditures, such as breeding, maintenance, training, transportation and veterinary work, as well as indirect/induced economic expenditures, such as wagering infrastructure, broadcasting, concessions and track maintenance. The study found that New York's racetracks offered purses of $289 million and generated $3.4 billion in handle annually.
“Once a confidence level was reached by Thoroughbred breeders and owners regarding our purses and incentive awards, our state-bred program positioned itself ahead of the rest of the national landscape,” said Jeffrey Cannizzo, Executive Director of the New York Thoroughbred Breeders. “New York-breds are in demand in the marketplace, farms have reopened across the state and people are investing again in New York. This renaissance is creating hundreds of jobs and injecting needed revenue into communities across our state of New York.”
The AHC study also examined the size of the state's foal crop, finding that the 1,705 Thoroughbred foals on the ground in 2017 represented a 4.7% increase from 2016 and a 40% increase since 2011.
“The AHC Economic Impact Study clearly demonstrates that the investment made in Thoroughbred racing and breeding through our share of VLT revenue has borne fruit,” said Appelbaum. “We thank Governor Andrew Cuomo, Senator John Bonacic, Assemblyman Gary Pretlow and all of our representatives for their support, which has helped to make our industry strong.”
The complete break-out report from the AHC Equine Industry Economic Impact Study can be found here.
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