In May of 2009, the Agricultural Advancement Consortium performed a study, funded by the NC General Assembly, to analyze the overall economic impact of the North Carolina equine industry and present recommendations for expansion. This study analyzed all equine breeds, activities (showing, racing, and recreation), and all associated activities. The study revealed an industry that generates nearly $2 billion in revenue and supports over 20,000 jobs. Click here to view the complete North Carolina’s Equine Industry: Findings and Recommendations.
According to the study, there are over 53,000 equine-owning households or operations and nearly 306,000 horses in North Carolina. The industy will continue to grow in numbers and economic importance as more and more horse breeders are investing in North Carolina land for sale and horse property in North Carolina. North Carolina has a relatively low cost of living, a favorable climate, a well-established and hospitable rural culture and is in close proximity to over 500 horse shows annually. These features make North Carolina an ideal place to maintain an equestrian farm or ranch.
In North Carolina, “equine ownership tends to be a family affair” with four out of five operations reporting owning horses on private land for personal use and/or future profit. About 90% of spending by NC equine owners “supports businesses in the state, and 72% takes place within the horse owners’ own county.” These practices create a strong, local North Carolina equine industy with promising growth.
The study also outlined a series of “Recommendations” to take in order to ensure growth and protection for the North Carolina equine industry. An Equine Industry Commission has already been formed to oversee these and future plans. The recommendations include plans to create a feasibility study for a ‘mega horse park’ with parimutuel wagering, invest in exisiting facilities, allocate more funds for equine health research, increase marketing efforts, preserve land and open space, and revise legislation to ensure that horse farms may be taxed as agricultural property.
NC Senator David Weinstein says of these findings, “North Carolina has a chance to make a mark, generate enormous tax revenue and enjoy it.” The opportunities for revenue and private enterprise within this industry are endless. There is no indication that the success of this industry over the past two decades can’t continue for the next two or three!
If you are interested in investing in North Carolina land for sale or North Carolina horse property, Legacy Farms and Ranches of North Carolina specializes in promoting premier North Carolina real estate. Browse our horse property listings with Morgan Womble of Allen Tate Realtors in North Carolina. If you are interesting in buying North Carolina land for sale or a North Carolina horse property, contact Morgan Womble at 919-369-5552.
To learn more about the agricultural economy and rural land investment opportunities in North Carolina visit the N.C Rural Economic Development Center.
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