The Prince Edward Island Harness Racing Industry Association (PEIHRIA) released the findings of its 2024 Prince Edward Island Harness Racing Industry Economic Impact Analysis on Monday, Feb. 3.
Harness racing plays an integral part in the cultural heritage of Prince Edward Island. What began as a community-based past time in the 1800s has grown into a professionalized industry with benefits to the Island, Atlantic region and Canada as a whole.
PEIHRIA commissioned MRSB Consulting Services Inc. to undertake a comprehensive analysis of the economic benefits of the harness racing sector on Prince Edward Island. The company surveyed both on and off island industry participants, past reports created for the PEIHRIA, reviewed current financial statements and annual reports from industry associations as well as similar reports from other jurisdictions, and compiled data from Standardbred Canada.
Principal conclusions from the report are as follows:
- The P.E.I. harness racing industry generates an estimated $117 million in gross production annually on P.E.I., $57.6M in gross domestic product to P.E.I. and an estimated $95.8M total gross domestic product to Canada as a whole.
- The P.E.I. GDP impact consists of direct contributions of $25.6M, indirect contributions of $20.8M, and induced contributions of $12.1M.
- The sector contributes an estimated $11.4M in tax revenue to the Government of P.E.I. and $18.7M in tax revenue in total to the provinces and territories of Canada annually.
- Harness racing contributes an estimated 820 full time equivalent jobs to P.E.I.’s economy (457 direct FTE, 275 indirect FTE, and 87 induced FTE). These jobs cover a wide range of industries. This demonstrates the synergies between these industries and the harness racing sector.
- Standardbred Canada membership on P.E.I. accounts for 51 per cent of Atlantic Canada’s membership and 12 per cent of the national membership. This indicates that P.E.I.’s participation in harness racing is considerable given its population.
In addition to having a strong economic impact on the Island, the harness racing sector also plays a key role in the following:
- Preserves agricultural land and the Island’s pastoral beauty.
- Maintains the Island’s rurality.
- Enhances P.E.I.’s reputation on the global scale.
- Supports other industries such as Tourism.
- Provides excellent opportunities for youth development.
- Partners with the Atlantic Veterinary College for invaluable learning opportunities.
PEIHRIA stated that the economic analysis confirms that harness racing on P.E.I. has a far-reaching impact on the economic vitality of P.E.I. and provinces across Canada.
The complete economic analysis can be viewed below or by clicking here.
2024 Prince Edward Island Harness Racing Industry Economic Impact Analysis
(PEIHRIA)