Horse racing worth £208 million to Newmarket and Suffolk, study finds
- Credit: Archant
The growing influence of Newmarket’s “world-class” horseracing industry hailed today after a new report found it contributes more than £200m to the region every year.
Findings of a groundbreaking study, analysing the economic impact of horseracing within a 25-mile radius of Newmarket for the first time, were unveiled at the historic Rowley Mile.
It found the industry provides an annual financial windfall worth £208 to the region, through training, stud farms and other horseracing institutions, while it employs around 8,500 people.
The report, carried out by economic research provider SQW on behalf of Forest Heath District Council and the Newmarket Horsemen’s Group, identified “promising signs of potential for further growth in the horseracing industry”.
It found 340,000 racegoers descended on Newmarket for meetings in 2012 while a new £15m heritage centre set to open in 2016 is expected to attract 40,000 visitors a year, boosting footfall figures in the town’s high street.
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It added sales from renowned auctioneers Tattersalls totalled £222m in 2012/13.
Matthew Hancock, MP for West Suffolk, added: “As this report shows, its historic headquarters of Newmarket remains right at the centre of that today.
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“It is encouraging to see the report identify the potential for the home of horseracing to contribute even more to the economy in future years.”
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