Ohio is home to a vibrant horse industry, boasting a wide range of equestrian activities and related businesses. With its rich history of horse breeding, horse racing, and horse shows, Ohio has long been a hub of the horse industry. In recent years, the state has seen a surge in the number of horses and horse-related businesses, generating significant income and creating thousands of jobs. In this article, we’ll take a closer look at how much money is made from the horse industry in Ohio.
Current Economic Impact of the Horse Industry in Ohio
The horse industry in Ohio has a profound economic impact on the state. According to the most recent study by the Ohio Horse Council, there are over 200,000 horses in the state, generating an estimated $8.5 billion in economic activity and supporting nearly 70,000 jobs.
The horse industry in Ohio is primarily divided into three segments: horse racing, horse shows, and private recreation. Horse racing accounts for the majority of the industry’s economic impact. In 2018, the Ohio Racing Commission reported total wagers of $2.2 billion, with $1.3 billion coming from racehorse owners. This revenue is used to support track operations, purses, and breed programs.
Horse shows also make a significant contribution to the state’s economy. According to the Ohio State Fair, horse shows in Ohio generate an estimated $15 million in annual economic activity. This includes direct spending on entry fees, food, lodging, and other related expenses. The shows also provide income for local businesses, such as feed stores, veterinarians, and farriers.
Finally, private recreation is a major contributor to the horse industry in Ohio. According to the Ohio Horse Council, there are over 60,000 horse owners in the state who use their horses for recreational purposes, such as trail riding, barrel racing, and show jumping. These activities generate an estimated $3.5 billion in economic activity for the state.
The Economic Benefits of the Horse Industry
The economic benefits of the horse industry in Ohio are far-reaching. The industry provides a boost to the state’s economy, generating jobs and income for local businesses. It also provides a valuable source of revenue for the state. In 2018, the Ohio Racing Commission reported total wagers of $2.2 billion, with $1.3 billion coming from racehorse owners.
Furthermore, the horse industry is a major source of tourism revenue for the state. According to the Ohio Horse Council, there were over 4 million visitors to horse shows and racing events in 2018. These visitors spent an estimated $400 million in the state, supporting local businesses and boosting the economy.
Finally, the horse industry in Ohio provides a valuable source of tax revenue for the state. Horse racing alone generates an estimated $50 million in taxes for the state. This revenue is used to fund a variety of programs, including scholarships and grants for Ohio students.
Conclusion
The horse industry in Ohio is a major source of income for the state, generating billions of dollars in economic activity and thousands of jobs. The industry also provides a valuable source of tax revenue for the state and is a major source of tourism revenue. With its long history of horse breeding, horse racing, and horse shows, the horse industry in Ohio is sure to continue to be a lucrative source of income for the state.