Gun Industry Tops $51.3 Billion in Economic Imparct
Guns are big money. In the past eight years, the dollars generated by the production and sales of guns and ammo have more than doubled. In fact, total economic impact of the firearms and ammunition industry in the United States increased from $19.1 billion in 2008 to $51.3 billion in 2016, a 168% increase. Meanwhile the total number of gun industry full-time jobs rose from approximately 166,000 to more than 300,00, an 81% increase in that period, according to a report released by the National Shooting Sports Foundation (NSSF), the industry’s trade association. Read NSSF Report Highlights HERE.
Big Annual Growth — Numbers Up 15% from 2015 to 2016
The shooting industry’s economic impact rose from $49.3 billion in 2015 to $51.3 billion in 2016, a nearly 15% year-over-year increase. We can expect trends to slow down a bit with the election of President Trump, but recent years have still shown remarkable growth.
$6.5 Billion in Tax Revenues Generated
The firearms and ammunition industry generates sizable tax revenues. In the USA the industry and its employees pay over $6.5 billion in federal and state taxes including property, income and sales taxss.
The Firearms and Ammunition Industry Economic Impact Report: 2017 provides a state-by-state breakdown of job numbers, wages and output covering direct, supplier and induced employment, as well as federal excise taxes paid. Download the full NSSF Report HERE.
More Jobs, More Support for Conservation, More Tax Revenues
“Our industry is proud to be one of the truly bright spots in our economy as an unprecedented number of Americans have chosen to exercise their fundamental right to keep and bear arms and to safely enjoy the shooting sports,” said Stephen L. Sanetti, NSSF president and CEO. “In response to that growing market, we have increased our direct workforce dramatically over the last decade. In addition, since 2008 we increased federal tax payments by 156%, Pittman-Robertson excise taxes that support wildlife conservation by 138% and state business taxes by 107%.”
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Tags: Economic Impact, NSSF, Pittman Robertson, Tax Revenue
