That's according to an American Horse Council Foundation study released today, which adds indirect and induced spending related to the nation's 9.2-million horse population to total $102 billion in economic impact.

The study, titled The Economic Impact of the Horse Industry in the United States, is the "most comprehensive research document ever complied on the American horse industry," American Horse Council (AHC) officials say.

"This study paints a portrait of an industry that operates in every corner of the country and contributes mightily to the American economy and culture," AHC President Jay Hickey says in a prepared statement. "Never before has the impact of our industry been so dramatically demonstrated."

Deloitte Consulting, LLC conducted the study polling 400,000 horse owners and other industry participants last year.