Firearm Industry Economic Impact Rises 371 Percent Since 2008

by
posted on May 5, 2024
Firearm Industry Economic Impact Rises
Photo courtesy of NSSF.org.

The total economic impact of the firearm and ammunition industry in the United States increased from $19.1 billion in 2008 to $90.05 billion in 2023, a 371 percent increase. During the same period, the total number of full-time equivalent jobs rose from approximately 166,000 to over 384,437, a 131 percent increase, according to a report released recently by the National Shooting Sports Foundation (NSSF).

On a year-over-year basis, the industry’s economic impact rose from $80.73 billion in 2022, to $90.05 billion in 2023. The firearm industry supports and generates business for firms unrelated to firearms as well, in industries as varied as banking, retail, accounting, metal working, printing and others.

The figures are staggering and, while positive, overshadow the growing role firearm companies play in their respective regions in terms of community involvement. XS Sights, for example, is an active supporter of the Tarrant County Meals on Wheels program in Texas. Last year, the team at Winchester Ammunition volunteered more than 21,000 hours of community service for a variety of worthwhile programs in and around East Alton, Ill., where its factory is located. Hornady helps support Nebraska’s GRACE Cancer Foundation each year. Henry Repeating Arms’ philanthropic effort, Guns for Great Causes, raises money for families that face a daunting financial challenge when their child is in need of expensive medical care, or help fund research to address life-threatening pediatric diseases.

There are hundreds of other efforts either funded by firearm firms annually or undertaken freely by their staff. Gun owners help fuel those programs through their purchases and should take as much pride in that fact as American Rifleman does in reporting on them.

The firearm and ammunition industry also paid more than $10.90 billion in business taxes, including property, income and sales-based levies in 2023. An additional $944 million was paid in federal excise taxes, which directly contributes to wildlife conservation.

“Our industry is a vital economic contributor to every state and every community,” said Joe Bartozzi, NSSF president and CEO. “These are companies employing men and women from all walks of life, and they prove daily that the American firearm and ammunition industry is strong. This industry proudly provides the means for law-abiding citizens to exercise their Second Amendment rights, enables them to hunt and is the primary fiscal force behind wildlife conservation in America. The growth of the firearm industry equals more jobs that add to our local economies, averaging $67,500 in wages and benefits, up from $65,000 reported last year. Since 2008, federal business tax payments increased by 353 percent, Pittman-Robertson excise taxes on firearms and ammunition that support wildlife conservation by 168 percent and state business taxes by 215 percent.”

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