Yesterday, the news was that the craft brewing industry in Colorado provided $714 million in economic impact. If that seemed high, apparently it was.
The Colorado Brewers Association reported today that craft breweries bring an annual $446 million boost to the state economy – still an impressive number, although not nearly the almost three-quarters of a billion dollars it originally said.
The release retracting the information based on a report from the University of Colorado-Boulder’s Leeds School of Business, only blamed “fuzzy math.”
The state does have a booming beer industry – its 139 craft brewers bring in a total of $101.8 million in direct salaries and $179.2 million in total employment, including secondary jobs.
Collectively, Colorado brewers contributed nearly $446 million in output in 2011, with an estimated additional $9 million going to the state for a special beer excise tax. This tax burden is unique to Colorado brewers and is in addition to the other taxes all Colorado businesses pay.
The study also said that Colorado craft brewers create at least 5,800 Colorado jobs.
The CSBJ reported on a Denver Business Journal article about the breweries in yesterday’s morning email to subscribers.