Sun. May 19th, 2024

Firearm Industry Economic Impact Up 322% Since 2008 – WASHINGTON, D.C. — The total economic impact of the firearm and ammunition industry in the United States increased to $80.73 billion in 2022 from $19.1 billion in 2008, a 322 percent increase, while the total number of full-time equivalent jobs rose to over 393,696 from approximately 166,000, a 136 percent increase in that same period, according to a report released by the NSSF®, The Firearm Industry Trade Association.

On a year-over-year basis, the industry’s economic impact rose to $80.73 billion in 2022 from $70.52 billion in 2021. Total jobs increased by over 17,877 in the same period, to 396,696 from 375,819. The firearm industry has broader impacts throughout the economy. It supports and generates business for firms seemingly unrelated to firearms, at a time when every job in America counts. These are real people, with real jobs, working in industries as varied as banking, retail, accounting, metalworking and printing among others.

The firearm and ammunition industry paid over $7.48 billion in business taxes, including property, income and sales-based levies. An additional $1.15 billion was paid in federal excise taxes, which directly contributes to wildlife conservation.

“Our industry’s economic input is undeniably contributing to every state and every community. This milestone achievement of over $80 billion in economic impact proves that the American firearm and ammunition industry is strong,” said Joe Bartozzi, NSSF President and CEO. “Ours is an industry that is consistently growing and innovating to meet the American demand for the highest quality firearms and ammunition for lawful firearm ownership. Over 4.2 million Americans from all walks of life, for the first time, discovered and exercised their right to lawful firearm owners and safely participate in the recreational shooting sports last year. This growth equals more jobs that add to our local economies, averaging $65,000 in wages and benefits, up from $56,900 reported last year. Since 2008, federal tax payments increased by 266 percent, Pittman-Robertson excise taxes that support wildlife conservation by 226 percent and state business taxes by 46 percent.”

The annual Firearm and Ammunition Industry Economic Impact Report provides a state-by-state breakdown of job numbers, wages and output covering direct, supplier and induced employment, as well as federal excise taxes paid. Access the full report here.

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