The racing and breeding industry delivered €2.46bn to the Irish economy in 2022, according to a survey undertaken by Deloitte and commissioned by Horse Racing Ireland (HRI).
This figure represents a rise of 34% since 2016, while the number of jobs supported by the sector has also increased during that time, by 1,450, to a total of 30,350.
Of that total economic impact, €819m is generated by the breeding industry, €264m is spent by owners in the training and running of horses, and a further €193m comes through on- and off-course spending by racegoers.
The report, which was published on Thursday, also states that Ireland is second only to the USA in the amount of money generated by bloodstock sales, with €538m in turnover during 2022.
“Ireland's global position in racing, from fledgling status a few short decades ago, is today a strong one,” said HRI chairman Nicky Hartery. “Last year the industry was responsible for over €550m of foreign direct investment, which points to the stability this industry offers to international investors.
“With the continued investment, expertise, and passion of Ireland's racing sector, we aim to expand the global market for Irish thoroughbreds, create an even bigger domestic footprint to continue to deliver for the rural economy, and demonstrably lead the sector on key measures of equine welfare and sustainability.”
The number of registered owners in Ireland has also increased over the last six years, to a current level of 4,757, which is up from 3,663 in 2016.
HRI CEO Suzanne Eade, added, “The figures from the research carried out by Deloitte on behalf of HRI demonstrate the significance of racing and breeding to the rural economy and is testament to decades of consistent government support.
“Behind the significant economic impact and our global reputation is a hugely skilled workforce, dedicated to the horses in their care. Our industry supports in excess of 30,000 FTEs, 9,400 of those in the core industry, making their living as a direct or indirect result from the racing and breeding industry.
“We are acutely aware that racing and breeding is a very competitive and mobile industry. We will continue to work with government and all stakeholders to maintain our competitive advantage and Ireland's reputation as global leaders at breeding and training racehorses.”
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