Ontario Horseracing Makes Major Economic Contribution
According to a new study released by Equine Canada and Strategic Equine, the Canadian horseracing industry generates around $5.7 billion annually to the country's economy. In addition, 47,000 full time jobs are supported by this industry.
The Economics of Horseracing in Canada Released
The Economics of Horseracing in Canada study, the first in a series of 'state of the industry' reports by Equine Canada, reveals that Ontario's horseracing industry contributes the bulk of the annual economic contributions. The province's horseracing industry contributed 77%, or $4.5 million to the economy.
The report examines the state of each province's horseracing industry and identifies their economic contributions. It provides Canada with the deepest analysis into the country's horseracing industry and the factors which affect economics.
Some of the numbers released in the report show that while the 45,000 active racing horses in Canada make up only 5% of the total herd of horses in the country, they provide 26% of the economic contribution.
The President of Equine Canada, Mike Gallagher said that the demographic and economic information garnered in the 2010 survey provides a wealth of information that is pivotal to demonstrating the contribution of the Canadian horseracing industry to the country's economic health.
"Our goal with the national study and related State of the Industry reports such as this, is to better inform decision-making and policy development as it affects our industry and our horses," he said.
Ontario Horseracing Industry Continues to Prosper
Gallagher commented on Ontario's horseracing industry and said that the thousands of men and women who work in the industry play an important part in what he called "this national success story." This explained the good state of Ontario's horseracing economic contribution.
"We strongly encourage the government of Ontario to work with the industry to ensure horseracing continues to prosper," he said. "The benefits of this successful partnership are felt not only in every part of Canada, throughout our rural and farming communities, and among the tens of thousands of men and women who work with and care for our horses, or supply products and services to the horseracing industry."
The author of the report, Val Evans said with a short, intense competition career for active race horses, the annual expenditure on products and services for these horses is significantly higher than for most other horses.
Canada has a Healthy Horseracing Industry Overall
"Through all our fifteen years of research for provincial, national and international horse industries, it has been apparent that where there's a healthy horseracing industry, there's strong horseracing," said Evans.
