Oxford Economics reports: Bars contribute more than $250 billion to the U.S. economy each year
Oxford Economics The bar industry has a significant impact on the U.S. economy, according to new commissioned research. The report points out that bars and related venues contribute more than $250 billion to the U.S. economy each year and support nearly 2 million jobs, covering direct employment and indirect driving effects such as supply chain and community consumption. Research analyzes the role of pubs as community centres. Data shows that more than 60% of respondents regard bars as an important social place. The industry also generates more than $50 billion in tax revenue at the federal, state and local levels. Anheuser-Busch InBev's chief executive said the research revealed the role of pubs in creating jobs, supporting agriculture and driving local economies, and hoped to advocate for public policies that support the development of the pub industry. The report also highlights the role of pubs in supporting associated industries such as agriculture, manufacturing and tourism. In the United States, bars are particularly closely related to the beer industry and are an important channel to promote local food sales and the development of the brewing industry. The economic activity of the bar industry is not limited to metropolitan areas, but also plays a key role in rural areas and small towns. This study by Oxford Economics provides a quantitative analysis of the socio-economic benefits of pubs, providing data reference for policymakers and industry stakeholders. Anheuser-Busch InBev's shares rose about 0.5% in Tuesday's trading, and the stock has risen about 8% this year. Anheuser-Busch shares rose about 1% in trading on the Johannesburg Stock Exchange. The research also found that around 70% of pub patrons believe these venues are an important part of community cohesion. The bar industry provides more than 750,000 direct jobs in every state in the United States. Several industry associations expressed support for the research, arguing that the report provides an economic basis for advocating for policies that benefit the development of the bar and beer industry. The research from Oxford Economics, one of the world's leading economic consultancies, covers the pub industry's contribution to GDP, employment, tax revenue and community well-being, and is based on a comprehensive analysis of industry data, government statistics and consumer surveys.