The Virginia Department of Agriculture and Consumer Services (VDACS) announced today a new study on the Virginia horse industry. A study prepared by the University of Virginia Weldon Cooper Center (WCC) for Public Service and funded by the Virginia Horse Industry Board found that the horse industry in Virginia has an annual economic impact of $1.2 billion.
WCC’s Regional Economist Dr. Terance Rephann determined that the equine industry in the Commonwealth continues to expand and its economic impact continues to grow.
“The horse industry in Virginia generates $65.3 million in state and local taxes,” he said, “with more than 50 percent of that representing state taxes.”
Additional key findings from the just-released equine survey include:
- The industry generated more than 16,000 jobs in 2010 in Virginia with the greatest effects in the agricultural and ag services sectors, and a lesser effect in the areas of trade and construction.
- Horse owners spend $873 million annually on horse-related expenses—including feed and bedding, boarding, training, tack, capital improvements and labor. These expenses average $4,060 per horse.
- Nearly 1,200 horse shows and events were held in Virginia in 2010—generating $25 million in revenue.
- Some 939,000 people attended Virginia horse shows and competitions last year. Out-of-state participants spent an average of $3,100 per event.