Raise Your Glass to Kentucky Bourbon's Rising Economic Power
The economic potency of bourbon is getting stronger with age, increasing its impact on Kentucky by $1 billion in the past two years as demand for American whiskeys continues to grow.
The Distilled Spirits Council said Tuesday in New York that combined U.S. revenues for bourbon, Tennessee whiskey and rye whiskey shot up 7.7 percent to $3.1 billion in 2016.
It says export volumes rose 10 percent, but revenues fell short of $1 billion for the first time in recent years as the strong dollar led more consumers to choose less expensive whiskeys.
A new study shows Kentucky's distilling sector now contributes $8.5 billion annually to the state's economy, up $3 billion since 2008 and a $1 billion increase in the past two years.