The toy industry had a major impact on the economy in 2015, with increased growth in revenue, jobs, and tax dollars, according to a report from the Toy Industry Association (TIA). The latest data indicates that the U.S. toy industry supports more than 493,900 jobs, generates $24.67 billion in wages, and contributes nearly $10 billion in combined state and federal taxes. Overall, the U.S. toy industry has a total annual national economic impact of $77.35 billion.

The findings in TIA’s 2015 Economic Impact of the Toy Industry in the United States were developed using figures from John Dunham and Associates, the U.S. Bureau of Economic Analysis and other government sources, and TIA’s own data and private sector sources. In addition to national data, TIA has compiled easy-to-read economic impact findings for each state.

The reports look at those statistics and disseminate them into three categories: Direct (toy manufacturers, wholesalers, distributors, retailers), Indirect (raw material, component, and service suppliers), and Induced (local businesses supported by the re-spending “direct” and “indirect” businesses; calculated using an input/output model of the U.S.).

Nearly 98 percent of U.S. toy manufacturers, wholesalers, and distributors are small businesses. Even though a majority of toys are manufactured outside the U.S., about 80 cents of every toy retail dollar continues to remain in the country as a result of U.S. domestic operations (e.g., production plus wholesale and retail), while about 61 cents of every toy production dollar continues to remain in the country (e.g, research and development, design, and safety considerations).

Click here to view the report.

Source: toybook