Report highlights ‘remarkable’ resilience of Newmarket’s horseracing industry which contributes over £250m a year to the local economy

A new report published today (Tuesday, March 14) shows the remarkable resilience of Newmarket’s thoroughbred horseracing and breeding industries (HRI) which contributed over £256 million to the local economy in 2022, despite the considerable impact of the pandemic and subsequent economic downturn.

The independent report, commissioned jointly by Newmarket’s HRI and West Suffolk Council was produced by Cambridge-based consultancy SQW and outlines the considerable economic contribution that the HRI makes to the town and its immediate vicinity.

Reference is also made to the national and international significance that the HRI brings to Newmarket and the wider benefits it delivers, including through the influx of visitors and tourists that the town’s racing heritage attracts.

The HRI’s total contribution to the study area, which includes Newmarket and a 25-mile radius, has grown to £256.2 million as measured by Gross Value Added (GVA).

Research conducted for similar reports in 2014 and 2017 published GVA figures of £208 million and £241.9 million respectively.

The HRI’s economic contribution equates to approximately 7,033 jobs, although the direct employment figure of 3,285 has returned to 2012 levels, an indicator of some of the wider economic challenges which continue to impact the thoroughbred industries.

The report was presented to members of West Suffolk Council and local stakeholders at The British Racing School on March 10, at an event which highlighted the importance of the HRI and the collaborative relationship which exists with policy makers.

Speaking on behalf of Newmarket’s HRI, The Jockey Club’s Amy Starkey, said: “Our world-leading racing and breeding industries are a huge asset for West Suffolk, delivering a significant direct contribution both economically and in terms of employment as well as a host of wider benefits.

“Both industries have shown remarkable resilience in the face of the pandemic and the subsequent economic hardship that it has created, to grow their contribution since the last report in 2017. It is testament to their passion and dedication.

“However, like many sectors we continue to face challenging economic headwinds. Maintaining the constructive dialogue we have with policy makers, which led to the commissioning of this report, is crucial to continuing our work together to ensure Newmarket’s HRI and the wider town and region have a bright future.”

Susan Glossop, cabinet member for Growth at West Suffolk Council, said: “As we know, Newmarket is a globally recognised centre for the horseracing industry and one we are very proud to have and support here in West Suffolk.

“The report sets out some very clear statistics but more than that it describes relationships that create a complex eco-system, reveals dependencies and points to opportunities.

“Prosperity is a priority for the council. This report informs the positive partnership we have with this unique industry and helps us to deliver together further growth and take opportunities to level up and grow Newmarket’s economic contribution.”