Horse Industry Drives Huge Economic Gains Across California

Edited Press Release

As California grapples with a budget deficit in the tens of billions of dollars, the horse industry has grown financially for the state over the last five years; responsible for billions of dollars in economic impact and tens of thousands of jobs, according to a report released by the American Horse Council.

In 2023, the equine ecosystem provided a total value of $11.6 billion to California's economy and a direct contribution of $6.5 billion to state GDP, according to the report. This marks a significant increase from the American Horse Council's previous report in 2018, which found a total value of $8.3 billion to the state economy and a direct contribution of $4.5 billion to state GDP.

Through the care of the state's near-500,000 horses, events and recreation, and the ripple effect on other sectors of the economy, the California equine industry generates 132,496 jobs across the state and directly employs 93,467 workers. Five years ago, those numbers were 115,474 and 77,703, respectively.

Horses remain incredibly popular in the state of California. In total, 30.48% of households – 4.1 million in California – have a “horse enthusiast” in their home. No fewer than 220,000 California residents volunteer their time to horses, and the industry generates $6.2 billion in tourism for California.

“The American Horse Council report confirms what those of us in the industry have always known: Horses hold a special place in the hearts and minds of Californians,” said Bill Nader, President and CEO of Thoroughbred Owners of California. “With over 4 million households participating in horse events and activities across the state – 38% of whom are under the age of 18 – it is clear that the equine industry is more than just an impressive economic driver for the state; it is an integral part of California's culture.”

Racing continues to be the greatest contributor to the state in the industry, with a total economic impact of $2.5 billion and a direct value of $1.5 billion to California GDP.

“These data points show that the horse industry's contributions to California are enormous – and growing,” said Amy Zimmerman, of the California Horse Power Coalition. “Our commitment to supporting California's economy and workforce, preserving our state's beautiful land, providing therapeutic services to Californians who need it, and caring for the horses we love has never been greater. We look forward to seeing our industry grow and evolve in the years to come.”

More information and the 2023 Economic Impact Study can be found on the American Horse Council website: https://horsecouncil.org/economic-impact-study/

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UK Thoroughbred Industry Economic Impact Study Begins

A third UK Thoroughbred industry economic impact study began on Friday, following confirmation of funding support from the Horserace Betting Levy Board (HBLB). The third study of its kind was commissioned by the Thoroughbred Breeders' Association (TBA), with additional financial support from the Racing Foundation, and will provide an up-to-date audit of the British market, analysing the impact of wider economic and political factors to identify emerging challenges and opportunities. PwC has been appointed to conduct the study. The wider racing ecosystem will also be explored in the study, including the source and size of its horse population, international trade and subsequent impact on the future racing programme.

Claire Sheppard, TBA Chief Executive, said, “We are incredibly grateful to the Levy Board and the Racing Foundation for their support of this vitally important piece of work. The previous studies enabled us to firstly assess the environment in which thoroughbred breeders were operating in, but also provide evidence to build our long-term strategies. Both the emerging and more established trends in these reports demonstrated areas of the sector at risk, which were subsequently addressed by the introduction of initiatives to influence market behaviour and assist the industry.

“This third study will give us an up-to-date overview of the market and allow us to monitor the influence of industry incentives such as the Great British Bonus Scheme.  It will also examine the supply of thoroughbreds to British racing and the effects of global trade and competition on the sport. Crucially, the results of this project will show us if our areas of focus remain key priorities for the future or if there is evidence that we should re-align parts of our strategy to new, emerging threats and opportunities.”

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