Annual sales of equine goods and services measured at $3 billion
LEXINGTON, Ky. (Sept. 6, 2013) — The total value of Kentucky’s equine and equine-related assets is estimated at $23.4 billion, according to the 2012 Kentucky Equine Survey, which was released today.
The annual increase in sales of total goods and services because of the presence of the equine industry in Kentucky was measured at approximately $3 billion.
Phase 1 of the survey included an inventory of all breeds of horses, ponies, donkeys and mules; Phase 2 focused on the economic impact the equine industry.
Phase 1 Findings
Phase 1 was a statewide survey of equine operations that included an inventory of all breeds of equine. It included a look at sales, income, expenses and assets of those operations.
♦ Kentucky is home to 242,400 horses.
♦ There are approximately 35,000 equine operations in Kentucky.
♦ 1.1 million acres in Kentucky are devoted to equine use.
♦ The total value of the state’s equine and equine-related assets is estimated at $23.4 billion.
♦ The total of all equine-related sales and income for equine operations in 2011 was about $1.1 billion.
♦ Total equine-related expenditures by equine operations in 2011 totaled about $1.2 billion; 77 percent of operating expenses are spent in Kentucky.
Top 10 Equine Breeds in Kentucky
Quarter Horse: 42,000
Tennessee Walking Horse: 36,000
American Saddlebred: 14,000
Donkeys and mules: 14,000
Mountain Horse breeds: 12,500
Miniature Horses: 7,000
Primary Use of Kentucky’s Equines
Trail riding/pleasure: 79,500
Idle/not working: 33,000
Yearlings, weanlings and foals: 23,000
Other activities: 13,000
Stallions at stud: 3,900
Phase 2 Findings
Phase 2 of the project entailed an economic impact analysis of Kentucky’s equine industry.
According to three of the most commonly-used measures of economic impact:
♦ The output effect, or the increase in sales of total goods and services due to the presence of the equine industry, was measured at approximately $3 billion.
♦ The employment effect, or the number of jobs created, was measured at 40,665.
♦ The value added effect, which is new income paid to workers, profits earned by businesses or dividends paid to shareholders, was estimated to be $1.4 billion.
♦ In addition, the tax contribution of the equine industry to the state of Kentucky was approximately $134 million.