The firearm industry’s economic impact doubled in the past five years, says the National Shooting Sports Foundation (NSSF).
Thanks to an in-depth report by the NSSF, the numbers revealed an increase from $19.1 billion in 2008 to $37.7 billion in 2013, a 97 percent jump.
In addition, the total number of full-time jobs supported by the industry rose from 166,000 to more than 245,000, representing a 48 percent increase.
More from the NSSFNSSF Adds $150,000 to Wetland Conservation Act Grant Program
“We have seen dramatic, unprecedented during peacetime growth in the firearms and ammunition industry that is the direct result of consumer demand for our products in the last five years,” said Stephen L. Sanetti, NSSF president and chief executive officer, in the release revealing the report.
“While our nation’s overall economic recovery has been slow since 2008, our industry has been a true bright spot, increasing our direct workforce by nearly half, adding jobs that pay an average of more than $47,700 in wages and benefits. Supplier and induced jobs were also increased by about half since 2008, even as we increased federal tax payments by 93 percent, Pittman-Robertson excise taxes that support wildlife conservation by 83 percent and state business taxes by 77 percent,” added Sanetti.
The US also benefits greatly from the taxes collected through guns and hunting gear, as the industry and its employees pay over $5.2 billion in taxes including property, income, and sales-based levies.
California and Texas are the top two states in terms of arms and ammo economic contributions. A state-by-state rundown can be found here.
In a time where economic stability is still far from ideal, and the nation’s unemployment rate remains high, it’s reassuring to know that an industry that we all take part in, in some way, shape or form, is a bright spot on a gloomy situation.
Do you think the guns and ammo industry can continue this rate of economic impact growth?