£240million boost to economy from Newmarket horseracing industry revealed by study
- Credit: PA
The hundreds of millions of pounds pumped into the economy by Newmarket’s horseracing industry has been revealed in an updated report.
The study reveals a 16.3% growth – 7.2% after inflation – in economic impact of the horseracing industry and a 9.5% growth in jobs in Newmarket and surrounding area since 2012.
Horseracing and the breeding industry now makes annual contribution to local economy of more than £240m which continues to grow.
The upcoming July Festival week alone will attract around 40,000 racegoers and business from over 30 countries at the Tattersalls sales.
The figures are published in an update to the independent study commissioned in 2014 by Forest Heath District Council in conjunction with Newmarket Horsemen’s Group.
Councillor Lance Stanbury, Forest Heath cabinet member for planning and growth, said: “This updated report underlines the value and the contribution that the horseracing industry makes to our local economy.
“It also helps to confirm the common benefits that can be derived from a local authority working productively with a major local industry and employer, one example of which is the £15m National Heritage Centre for Horseracing and Sporting Art, which we delivered jointly. I am pleased that the report recognises the strides being made in enhancing the town’s distinctive character, and I look forward to celebrating more such achievements.”
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William Gittus, chairman of the horsemen’s group, which represents racing’s interests in the town, highlighted the impact ofthe July Festival, which starts on July 13.
“July Festival week in Newmarket provides an insight into the appeal of the racing and breeding industry in Newmarket and the scale of its impact on the local economy,” he said.
“For the town’s hoteliers July Festival week is in the top five of their busiest weeks of the whole year. What is significant and encouraging about the report’s update is the ongoing growth to over £240m in the industry’s annual contribution for the local economy and how it underlines the importance of protecting the industry – not just what we have at present but also the need to allow for potential further growth.”