How much are Americans going to spend on fireworks, cookout supplies and beer for the Fourth?
Fireworks
The American Pyrotechnics Association, based in Bethesda, says Americans will spend about $800 million on backyard fireworks this year, $50 million more than last year. Sales of backyard fireworks, defined as “handheld and ground-based sparkler devices,” are rising as more states lift bans on their use.
Since 2011, Kentucky, Utah, New Hampshire, Michigan, New York, Georgia and West Virginia have lifted restrictions on their sales.
(AP Photo/Tony Gutierrez)
AP Photo/Tony Gutierrez
While fireworks bans are aimed at preventing injuries, the Pyrotechnics Association says they also lead to the loss of a significant loss of potential tax revenue. The trade group says that in 2015, New York collected an estimated $2 million in additional tax revenue due to fireworks sales.
(Getty Images)
Getty Images
Now, on to your backyard cookout
The American Farm Bureau Federation, headquartered in D.C., says the average cost of a summer cookout for 10 people this year is $56.06, or $5.61 per person – up less than 1 percent from last year.
The Farm Bureau defines a backyard cookout as “hot dogs, cheeseburgers, pork spare ribs, potato salad, baked beans, corn chips, lemonade, chocolate milk and watermelon.”
Watermelon prices are up from a year ago, as shipments of watermelons are down 8 percent.
(Getty Images/Jupiterimages)
Getty Images/Jupiterimages
Ground beef prices, on the other hand, are trending lower, and commercial pork production is at the highest level in 25 years.
“Prices in the meat case are starting to look better from the consumers’ perspective,” said AFBF economist Veronica Nigh. “Retail ground round prices are trending lower,” she says, pointing to the nation’s cattle inventory and commercial beef production, which continue to rebound from dramatically low levels in 2014 and 2015.
(Getty Images)
Getty Images
Forget all that. What about the beer?
The Beer Institute, also based in D.C., says Americans spent $1 billion on beer last Fourth of July, and beer will be the drink of choice for many of the 64 percent of Americans of legal drinking age who are planning to attend a cookout or barbeque this Independence Day weekend.
(AP Photo/Kirsty Wigglesworth, File)
AP Photo/Kirsty Wigglesworth, File
The Beer Institute also notes that Thomas Jefferson was said to have composed the first draft of the Declaration of Independence over a cold draft at the Indian Queen tavern in Philadelphia.
(Photo by Hulton Archive/Getty Images)
Photo by Hulton Archive/Getty Images
Today, beer production, distribution and sales account for about $79 billion in wages and benefits annually to the U.S. economy.
(Getty Images)
Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.
