This week Sen. Richard Young (D-Milltown) recorded an audio update from the Senate on a report presented to the Indiana Rural Caucus on the state’s horse racing and breeding industry. The economic impact study was conducted by Purdue University and the U.S. Department of Agriculture.
LISTEN to Sen. Young’s update:
Transcript of Sen. Young’s comments:
Members of the Indiana Rural Caucus received a presentation this week on a recent economic impact study conducted by Purdue University and the U.S. Department of Agriculture on the status of horse racing and breeding industry in the State of Indiana.
A similar study conducted in 2005 reported a direct economic impact of $181 million and a total economic impact of $294 million for the industry. The latest study now indicates that those figures have increased to $733 million and $1 billion respectively.
During this economic downturn, this reflects phenomenal growth for this industry, which now employs nearly 10,000 Hoosiers. This industry impacts the entire state because of broad statewide involvement with equine and agri-business activities.
Also this week, Senate Democrats promoted a package of bills aimed at spurring business opportunities and creating new jobs. These initiatives would improve Indiana’s job market and generate income to support families and communities. The bills would foster entrepreneurial ventures through capital access, leveraging small business investments, and providing additional accountability for state funds directed at job creation. The package of bills would require no new state funding or taxes.