Tags: gun | sales | booming | Obama

Fiscal Times: Gun Industry Booming Under Obama

Wednesday, 19 Dec 2012 08:04 AM

By John Morgan

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The firearms business has prospered during the Obama administration, as concern about potential changes in gun laws and other factors have helped foster a spike in sales, according to The Fiscal Times.

America’s gun buyers set a new record for single-day background checks to purchase guns this year on Black Friday, the day after Thanksgiving that marks the start of the Christmas shopping season, The Times noted.

Demand for firearms rose after the 9/11 attacks, and background checks had been rising since 2003, but they rose sharply after President Barack Obama was first elected in 2008, according to IBISWorld data cited by The Times.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

“The biggest driver has been concern over a potential change in gun laws,” said Nima Samadi, an IBISWorld analyst.

“A downturn in the economy probably reinforced some of those trends,” Samadi said, adding that “in times of uncertainty people turn to things that give them a tangible sense of security, and firearms were a pretty good example of that.”

The National Shooting Sports Foundation (NSSF), an industry trade, in a report earlier this year estimated the firearms industry had $13.6 billion in direct economic impact in 2011, up briskly from $6.8 billion in 2008.

“The economic growth America’s firearms and ammunition industry has experienced over the years has been nothing short of remarkable,” the NSSF asserted.

“Our industry is proud to be one of the bright spots in this economy.”

The FBI does not track sales, but The Times said agency data showed more than 16.8 million background checks for gun purchases through the first 11 months of 2012, the highest total for any year since the system was introduced in 1998.

The states with the highest number of reported background checks, in order, were Kentucky, Texas, California, Illinois and Pennsylvania.

Samadi said IBISWorld actually now predicted a slower industry growth rate of 3.5 percent until 2017, as a result of reduced government spending and the winding down of wars the United States has been involved in.

The Christian Science Monitor reported gun sales usually spike in the days following a mass shooting. Background checks rose 41 percent in Colorado in the aftermath of the Aurora movie theater shooting over the summer, and sales spikes followed Columbine and the 2011 shooting in Tucson, Ariz., as well, the newspaper said.

The aftermath of the mass school shooting that killed 26 children and adults in Newtown last week is apparently no exception to that phenomenon. The Huffington Post reported that its survey of independent arms dealers across the nation following the tragedy showed a large surge in gun sales.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

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