The economic impact of the firearms industry over the past decade has exploded 169 percent, with much coming from a near doubling of jobs, according to a new report.
The industry’s trade group revealed that the impact from firearms and ammunition totaled $51.4 billion in 2017, up from $19.1 billion in 2008.
And driving that surge was added jobs. The National Shooting Sports Foundation said that the total number of full-time jobs rose from some 166,000 to almost 310,000, an 87 percent increase.
“Our industry is proud to be one of the truly bright spots in our economy as an unprecedented number of Americans have chosen to exercise their fundamental right to keep and bear arms and to safely enjoy the shooting sports,” said Stephen L. Sanetti, NSSF president and CEO.
He noted that even after the 2016 presidential election, when gun sales hit an all-time high, the industry has continued to do well.
Said his report: “On a year-over-year basis, the industry’s economic impact rose from $51.3 billion in 2016 to $51.4 in 2017, ticking higher even while the industry came off-peak production years. Total jobs increased from approximately 301,000 to almost 311,000, a 3 percent increase in the same period.”
While some firms have faltered, notably Reminington’s bankruptcy filing, the industry has increased its workforce by 7,000 in the past year. He said that the average wage and benefit package is worth nearly $50,000 per job.
And the industry has also contributed over $7 billion in federal, state and local taxes.
The report came at the same time the group was heralding Texas Sen. John Cornyn for his work to push the Fix NICS Act that tightens the FBI background check system for gun buyers. He was named the 2017 Legislator of the Year.
“We salute Senator Cornyn for his outstanding leadership in the U.S. Senate, particularly for his tireless efforts to advance S. 2135, the Fix NICS Act and we are honored to present him with the 2017 NSSF’s Legislator of the Year Award,” said Lawrence G. Keane, NSSF senior vice president for government and public affairs and general counsel. “This legislation addressed a long-standing priority for NSSF and many in Congress to make the FBI National Instant Criminal Background Check System (NICS) work as intended by requiring all federal agencies and incentivizing the states to submit all disqualifying criminal and mental adjudications. This is what common ground for all in the firearms debate looks like and we are honored Senator Cornyn chose to name his legislation for the NSSF campaign of the same name.”
