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Capitol Hill Briefing Highlights Economic Growth for Powersports Industry [VIDEO]

The outdoor recreation industry — which includes powersports  — was recognized by a federally funded report from the Departments of the Interior, Agriculture, and Commerce as a key contributor to the U.S. economy during a Capitol Hill briefing in September, and now highlights from the meeting have been released online.

The briefing was attended by key federal officials, including Commerce Secretary Wilbur Ross, Bureau of Economic Analysis Director Brian Moyer, and Department of Interior Senior Advisor Rick May. It addressed the findings in the Outdoor Recreation Satellite Account (ORSA), which reported that the outdoor recreation industry contributed $412 billion in revenue in 2016, accounting for 2.2% of U.S. gross domestic product. Additionally, the outdoor recreation economy grew 1.7% in 2016, faster than the 1.6% growth for the overall U.S. economy. Within the outdoor recreation industry, the motorcycle and ATV segment is the fastest growing, with 8% growth from 2015.

Check out the video below to see highlights from the Capitol Hill briefing, which features comments from Thom Dammrich, Outdoor Recreation Roundtable chair president.

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As Associate Editor of Powersports Finance, Matt Wood reports on the latest developments and trends of the powersports finance world, from innovation to new partnerships. He's also a movie/TV show buff and is willing to argue about Lost anytime. Former bylines include Scout Media and CinemaBlend.

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