The report which was produced in conjunction with the University of Louisville’s Urban Studies Institute, also shows that the industry has created over 2,000 distillery related jobs during the same time.
|Kentucky bourbon boom adds $1 Billion to states economy|
The Kentucky bourbon industry now generates $8.5 billion each year into the state’s economy and supports over 17,500 jobs, which has resulted in the creation of $825 million in tax revenue.
The report also reveals that the number of distilleries in Kentucky has grown to 52, the most in operation since the repeal of Prohibition. The states bourbon barrel inventory is now said to stand at 6.7 million, its highest level since 1974.
According to the report, the use of locally grown corn has also increased by 65% in the last two years, aiding Kentucky’s farm families. Distilling has the second highest job multiplier in the state when it comes to total number of jobs and spin-off factor, behind only light truck and utility vehicle manufacturing.
Commenting at the launch of the report, Gov. Matt Bevin, said: “The powerful growth of Kentucky’s Bourbon industry is a testament to our proud history of innovation, engineering and manufacturing. It is a genuine, home grown, only-in-Kentucky success story. As we continue cutting bureaucratic red tape across the Commonwealth, we will pave the way for even more economic opportunity and job growth in the Bourbon industry, as well as every other industry across the Bluegrass state.”
If growth in the Kentucky bourbon industry continues at its current rate, economic output is expected to exceed $10 billion by 2020.
The full report can be read by clicking here
Posted by Steve Rush