Wednesday, March 19, 2014

Colorado craft beer industry hits records for economy

Colorado Craft Beer EconomyAt the rate craft beer is growing in Colorado, it is poised to shatter even more records in 2014. Last year's economic impact of the 200+ craft breweries in the state has set records and shows no sign of slowing. The following is a report issued by the Colorado Brewers Guild that shows just how big craft beer is getting in the state.

Colorado Brewers Guild Announces Recent Economic Impact of Colorado Craft Beer to State Economy

[PRESS RELEASE] Denver, CO - Colorado has emerged as the state of craft beer, at the forefront of the craft brewing industry. Colorado ranks among the top states for number of breweries, per capita production, and economic impact. The Colorado Brewers Guild (CBG) identified 232 craft brewers in the state in 2013, marking 109% growth in the number of breweries since the recession ended in 2009. When asked to encapsulate the Colorado brewing scene, John Carlson, CBG Executive Director, says “the great thing about the Colorado craft brewing industry is the artful blend of manufacturing prowess, pure soul, agricultural ties, and innovative technology. Colorado is the state of craft beer and this study shows it with academic precision.”

Record Economic Benefit
Colorado craft brewers recorded total economic benefits of $704 million in 2012, growing to $826 million in 2013. Converting mostly raw materials like malt, hops and water into the craft beers sold domestically and internationally, the industry tallied $249 million in direct value added in 2013. In 2012 and 2013, an estimated 4,493 and 5,014 people worked in the brewery and restaurant sides of the business.

Brewery Growth in 2014
The majority of Colorado brewers project growth in excess of 20% in 2014, and every brewery expects to grow this year. Despite massive growth, brewers ranked factors that could influence growth. The factor that brewers indicated would most encourage business expansion today is lower taxes, followed by financing, increased market access, and less regulation.

Brewers Build Community
Colorado brewers that reported giving more than $1.4 million in gifts, a $200,000 spike in reported donations from our previous survey. Nearly, 93% of brewers reported giving to charity organizations, 91% reported participating in fund-raising events, and 62% reported in engaging in volunteerism. Survey responses indicate that, as a whole, craft brewers and brewpubs are very active philanthropists in their respective communities. Respondents volunteer or give charity money to a wide variety of causes and groups. Other charitable activities included sponsoring community art groups, sponsoring local dinners for the homeless, organizing a Turkey Trot, fundraising for local civic groups, and donating to local food banks.

About the Colorado Brewers Guild
The Colorado Brewers Guild (CBG) is a non-profit trade association representing the leading Colorado craft breweries and brewpubs. CBG is dedicated to the improvement of business conditions and is an advocate for its members. CBG sponsors a variety of beer events each year designed to increase the awareness and appreciation of Colorado-brewed beer. For more information about the Guild, visit www.coloradobeer.org.

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