Friday, November 12, 2010

WINE AND THE ECONOMY


Wine Report

Do you have wineries in your area?  If you live in the United States, the answer is probably “yes,” because there are now wineries in all 50 states.  These wineries and the associated businesses that serve them are making a huge contribution to their states’ economies, and to the nation’s economic health.

The annual Vintage Virginia Festival is a good example of how tourism affects the wine industry.  The Virginia Wineries Association depends in great part on this festival for revenue.  The only other revenue stream the VWA has is dues from members, and they only have 54 members, according to Wine Business Monthly.  This wine festival is marketed heavily all along the East Coast and its success in large part determines how much good the organization can do for its member wineries.

The Texas Wine and Grape Growers Association says that the wine and grape industry now has a 1.35 billion dollar impact on the Lone Star State.

Missouri Wines.org shows that Missouri’s economy sees a boost of some $700 million dollars annually from wine. - and those are 2007 figures.

The king of wine states in the U.S., California, receives an economic infusion of around 52 billion dollars a year from the wine industry, according to the Wine Institute, and the nation as a whole gets a 162 billion dollar shot in the arm from wine.   

WashingtonWine.org reports that wine is responible for three billion dollars a year to the state of Washington’s economy.  

A recent study, cited by Wines & Vines, showed how even local economies benefit from wine.  The study claims that hotels in Walla Walla, Washington have experienced a 25% growth in room occupancy since wines from their area have been receiving high scores in Wine Spectator magazine.