LEARN MORE ABOUT WINE, BEER, AND LIQUOR

Wine and Economic Growth Go Hand in Hand

Lifestyle & Budget

Wine and Economic Growth Go Hand in Hand

By Tracy Byrnes

Published July 15, 2011

| FOXBusiness

When most people think of wine they think of dinner, relaxing on the couch after work, or celebrating an event.
It’s not often people equate wine with economic growth. But they should.
Take New York: The wine industry added $3.76 billion to the state’s economy in 2008, according to a study by Napa-based Stonebridge Research Group, LLC.
Aside from the increasing revenues in the state’s agricultural and manufacturing sectors, wine is the only agricultural product that generates excise and sales taxes for the state and local economies.
And thanks to the financial crisis, in 2009, New York excise tax on wine was increased about 50%.
Then there is tourism income. Wine trails throughout New York are a major reason nearly five million tourists visited in 2008, bringing lots of money to the rural economies.
That’s why it was so great to speak with Matthew Spaccarelli, general manager of Benmarl Winery the other day. Benmarl, America’s oldest vineyard, is located in Marlboro, N.Y., and was founded in the early 1800s. Today it is run by Spaccarelli’s family.
Matt and his family are on a mission to bring attention to New York wines and get the word out that you don’t have to go to Napa Valley to get a great Merlot.

Back to Article Index