Economic Impact of the Senator Bob Martin Eastern Agricultural Center for Horsemen

Abstract

The purpose of this study was to identify the importance of the equine industry and the economic impact created by the participants and equine centers. The United States has 7.9 million individuals participating in the recreational and showing event segments of the industry. Data suggests that the equine industry creates 1.4 million full time jobs in the United States. An economic impact of $112.1 billion and $1.9 billion in tax revenue is made in the equine industry. North Carolina's recreational equine industry segment is worth $533 million. With information about the equine industry known, an estimate of economic impact from equine events at the Senator Bob Martin Eastern Agricultural Center could be calculated for Martin County, North Carolina.

A survey instrument was distributed to all the participants during ten equine events at the facility. This survey included questions on expenditures, reasons for visiting the center, visiting party composition, and length of stay. The IMPLAN Model was used to analyze the expenditure data to develop the spending for each visiting party.

IMPLAN Analysis provided results which estimated the economic impact for Martin County. Results indicated with more participants there will be significant increases in economic and employment impacts, and indirect business taxes. Findings were used to make recommendations for reducing leakage, increasing event impact levels, participant demanded improvements, and future research to help accurately measure the impact of the center as visitation increases and the economic structure of Martin County changes.