The outdoor industry is all the hype these days, but the reality is the hype is real. Since we specialize in the outdoor industry, we at TREAD Agency have seen the growth even over the last year. The U.S. Department of Commerce recently released a report that echoes that sentiment, noting the growth and economic output the outdoor industry has had, proving that it really is all that it’s talked up to be.
The U.S. Department of Commerce’s recent assessment of the outdoor recreation industry’s economic impact paints a compelling picture of its significance on a national scale. Revealing a staggering $1.1 trillion in total economic output for 2022, this report underlines the sector’s immense contribution, surpassing even the combined economic impact of oil and gas extraction and mining.
Certain states, such as Alaska, Hawaii, Montana, Wyoming, Vermont, and Massachusetts, saw outdoor recreation contribute to over 4% of their respective GDPs. Many brands that TREAD Agency interacts with are within these states. Moreover, this sector’s growth outpaced the overall economy, marking a 4.8% increase compared to the national economic growth of 1.9% between 2021 and 2022. During this period, job growth in outdoor recreation was also twice the national rate.
Montana, renowned for its stunning landscapes and outdoor wonders, embodies the essence of the U.S. Department of Commerce’s report on the economic impact of the outdoor recreation industry. The state’s proactive embrace of outdoor industry businesses perfectly mirrors the national trend highlighted in the report, showcasing the economic potential inherent in these natural treasures. Having partnered with the Montana Department of Commerce for our previous Traction Series Backcountry Skills Summit event held in the Big Belt Mountains, we can personally attest to its support for the outdoor industry.
Montana’s approach isn’t just about welcoming outdoor businesses; it’s a strategic move that intertwines the state’s economic growth with its commitment to preserving its natural heritage. By fostering an environment conducive to outdoor industry ventures, Montana sets an example of how states can leverage their breathtaking landscapes for economic growth.
The state’s initiatives to attract and support outdoor industry businesses echo the larger narrative presented in the national report. Montana’s tangible incentives, streamlined regulations and support networks underscore the symbiotic relationship between vibrant business prosperity and the conservation of its outdoor resources.
This balance between economic development and environmental preservation encapsulates the broader conversation outlined in the U.S. Department of Commerce report. Montana’s proactive stance aligns with the report’s call to recognize the economic dividends of investing in and safeguarding public lands and waters, which are pivotal for the outdoor industry’s success nationwide. With many TREAD Agency employees residing in Montana and conservationists ourselves, we witness Montana’s dedication to preserving public lands and waters firsthand.
In essence, Montana’s invitation to outdoor industry businesses isn’t just about bolstering its economy; it’s a real-world illustration of how embracing and nurturing the outdoor sector can lead to economic growth while ensuring the long-term viability of its natural assets. This localized strategy echoes the larger national imperative to value and protect the outdoor spaces essential for the industry’s growth and the nation’s economic well-being. As an agency, we look forward to seeing more states support our favorite brands in the outdoor industry.