The economic impact of the gun industry has climbed over 66 percent since the beginning of our latest economic downturn, providing an unexpected boost for the economy, according to a recently released study.
The NSSF (National Shooting Sports Foundation) states the economic impact of firearm sales reached $31 billion in 2011, which was a huge jump up from $19 billion in 2008. Note that this figure includes jobs, taxes and sales. In 2011 the firearms industry paid $2.5 billion in federal taxes, which is up 66 percent in three years.
Jobs reported in the firearms industry climbed 30 percent from 2008 to 2011, with the industry employing over 98,750 people.
“Ours is an industry with a rich history and heritage that remains vital and important to the American economy today,” NSSF Senior Vice President Lawrence G. Keane said. “To millions of Americans our industry’s products represent liberty, security and recreation.”
After speaking with many in the industry, they can point this climb to the fear of new legislation or backwards progress from the Obama Administration, as is view also held by Mr. Keane.
“There’s a concern that in the second term the Obama administration would lead an attempt to restrict gun ownership,” Mr. Keane said. “Some people jokingly refer to [President Obama] as the salesman of the year for the industry,” Mr. Keane said.
While the Obama Administration can be accredited with causing part of the climb in recent sales, many note the huge jump in youth activity in shooting sports, as well as a greater interest from the younger generations.