ANNAPOLIS, MD, UNITED STATES, October 15, 2021 /EINPresswire.com/ — Sarah Neall has been associated with JPAR Maryland Living since 2020 and specializes in Horse Properties within Maryland. This farm is an incredibly successful boarding business. The variety of barns on this property allows for many different boarding options and price points which can suit a variety of client preferences. The horse industry is alive and well in Maryland. That state is home to 80,000 horses living at 16,000 premises, according to the Maryland Horse Industry Board.
From Thoroughbred racehorses to trail-riding pleasure horses, 35 disciplines and 40 breeds are represented.
The 2018 Economic Impact Study produced by the American Horse Council confirms that Maryland’s horse industry adds more than $1.3 billion to Maryland’s economy. The report found that the horse industry total employment impact is more than 21,000 jobs, including a more than $500 million impact from the horse racing sector alone.
The report quantified the economic benefits generated from three of the main sectors of the horse industry; recreation, competition, and racing. It also enumerated the additional benefits the horse industry offers to the State of Maryland including land preservation, volunteerism, equine therapy and rehoming operations and educational opportunities at academic institutions.
This Sage Policy Group, Inc. (Sage) study measures the economic and fiscal impacts of Maryland’s horse industry. In order to conduct the analysis, the Sage study team conducted a survey of industry participants in conjunction with the Maryland Horse Breeders Association, Maryland Horse Council, Maryland Horse Industry Board and a set of closely aligned stakeholders (list attached). Nearly 700 surveys were completed, with respondents representing each of Maryland’s twenty-four major jurisdictions. Economic impacts were calculated using IMPLAN modeling software, which incorporates contemporary purchasing coefficients and other data pertaining specifically to Maryland’s economy.
Based on results of the survey, after years of decline Maryland’s horse industry is finally moving in the right direction. Though breeding thoroughbred horses in only a fraction of the State’s horse industry, the availability of slots revenues to support purses via a 2008 referendum represents a key inflection point. Between 2002 and 2010, inflation-adjusted industry spending declined by nearly 45 percent. By stark contrast, industry-wide spending increased by 19 percent between 2010 and 2015 in real terms and by 29 percent in nominal terms. It is important to note that the analytical findings discussed below do not embody the impacts of racetrack operations. Correspondingly, Sage’s analytical findings should be viewed as highly conservative. The Preakness race itself generates more than $30 million in statewide economic impact each year.
Maryland claims to have more horses per square mile than any other state, and the industry contributes a billion dollars annually to the state’s economy. The best part may be that you don’t have to own a horse to enjoy equestrian pursuits, as there are 700 licensed stables and 2,000 miles of trail to ramble over.
You can reach Sarah Neall at 410-260-0202 or visit jparmd.com