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Industry

The U.S. firearm and ammunition industry

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The U.S. firearm and ammunition industry

The U.S. firearm and ammunition industry has registered significant growth in the last ten years. The surge in the sector is attributed to the increase in the number of American citizens wishing to practice their fundamental privilege to buy and own guns. According to the National Shooting Sport Foundation (NSSF), companies that manufacture firearms and ammunition as well as those in the supply chain pay a notable amount in the form of tax. The companies provide employment as well to the people of America. Firms that sell, distribute and manufacture firearms, hunting gears and ammunition give work to an estimated 150,000 people and an extra 181,501 working in the dispensing and ancillary services (NSSF, 2020). These jobs provide a reasonable compensation averaging to $55,200 in salaries and associated benefits. In 2019 the Firearm and ammunition industry accounted for $60 billion in the economic transaction of the U.S. The industry provides over 6.74 billion to the government in taxes paid by organization and employees and in the form of sale levies and property tax.

On the contrary, violence from gun possession is estimated to have cost the United Stated economy $229 billion every year, 1.4% of the county’s GDP (Bort, 2019). In the estimation, various factors were put into consideration to arrive at this figure; they include healthcare, employer expenses, lost earnings and the cost incurred the law enforcement officer and justice system. While the house of democrats attempted to pass more bills on gun control, the Senate majority leader, McConnell did not pass them. In states like Nevada, private gun transaction are legal, and 38% of the population owns guns. Reports from the NSSF approximate existence of between 5 to 8 million assault-style firearms in America. The Sandy Hook shooting in 2012 led resulted in growth in sales of firearms from fears of possible bans in future. Besides, the National Rifle Association (NRA) also called for a ban on bump stock and stricter laws on the regulation of semi-automatic weapons. Evidence shows that the firearm industry generates significant revenues and pays a sizeable amount in taxes, but a ban on bump stocks would not harm the firearms business (Snook, 2017). In comparison, a ban on assault-style rifles and semi-automatics would have a greater impact on the firearm economy but would still not be detrimental. Legislations to put an end the sale and distribution of assault-style rifles and other deadly weapons would reduce mass shootings without crippling the firearm businesses.

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