WEBVTT - McGreevy Sees Big Summer for Beer Industry

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, we're

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<v Speaker 1>gonna wrap up this last half hour with an update

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<v Speaker 1>on the beer industry with the twenty five year veteran

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<v Speaker 1>a policy and political work. He now heads the Beer Institute,

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<v Speaker 1>the national trade association that represents America's brewers also importers

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<v Speaker 1>of beer supply supply chain partners. According to their website,

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<v Speaker 1>adds up to a three billion dollar industry supporting more

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<v Speaker 1>than two point one million American jobs. For more on

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<v Speaker 1>the pandemic and post pandemic world of the beer industry,

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<v Speaker 1>let's bring in Jim McGreevey, President, chief executive officer of

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<v Speaker 1>the Beer Institute. He's with us on the phone in

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<v Speaker 1>New Jersey, Gym. Nice to have you here today. How

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<v Speaker 1>are you? And talk to me a little bit about

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<v Speaker 1>kind of where you guys were in your industry members

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<v Speaker 1>one year ago at the start of the pandemic. Boy,

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<v Speaker 1>Karen Will, first of all, thanks for having me. I

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<v Speaker 1>really appreciated. Um. Where we were a year ago is

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<v Speaker 1>probably where so many other Americans were a year ago

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<v Speaker 1>personally and and in their jobs, really trying to figure

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<v Speaker 1>out as of March thirteenth and around there where where

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<v Speaker 1>our industry would be going. Thankfully, the federal government made

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<v Speaker 1>the production and distribution of beer essential as part of

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<v Speaker 1>the grocery system. UM, so we were able to keep

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<v Speaker 1>our breweries and and many of our folks employed UH

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<v Speaker 1>in the making and distribution of beer. Obviously, with the

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<v Speaker 1>bars and restaurants closed for months on end, particularly at

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<v Speaker 1>the beginning of the pandemic, we saw so many of

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<v Speaker 1>those jobs lost, nearly seventy thousand as a matter of fact,

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<v Speaker 1>throughout the US jobs supported by the beer industry. But

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<v Speaker 1>their Beer Serves America report really UM, it tells the

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<v Speaker 1>story of a very resilient industry and one that's coming back,

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<v Speaker 1>we hope as America comes back. So we're very pleased

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<v Speaker 1>with with some of these some of this data from

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<v Speaker 1>our biennial report. Well, it's interesting local beverage center where

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<v Speaker 1>we pick up like our cases of water and you

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<v Speaker 1>know whatever else juices and stuff. But I said to them,

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<v Speaker 1>how you know, I haven't hadn't seen them in about

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<v Speaker 1>a year, And I said, how are you guys? And

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<v Speaker 1>they said it was really hard because of their business

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<v Speaker 1>was supplying all of the local restaurants UH in the community,

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<v Speaker 1>and that was just shut down. Tell us about your members,

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<v Speaker 1>because we think about you know, those of us who

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<v Speaker 1>go to the supermarket right or um, you know, to

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<v Speaker 1>pick up something. But it's the restaurants and the hospitality

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<v Speaker 1>industry that your members play such a big role on.

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<v Speaker 1>How How hard hit were they? Oh, they were, they

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<v Speaker 1>were very hard hit. Not just from the the hundreds

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<v Speaker 1>of thousands of employees that either lost their jobs on

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<v Speaker 1>a permanent or temporary basis, but we saw nearly twenty

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<v Speaker 1>billion dollars in decline in retail beer sales. You know,

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<v Speaker 1>you think back to that mid March period of the

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<v Speaker 1>March madness was just get rolling, getting rolling with the

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<v Speaker 1>conference tournaments leading to the n t A tournament. You

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<v Speaker 1>know St. Patrick's Day. We've loaded in a lot of

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<v Speaker 1>beer in the beer in the bars and restaurants throughout

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<v Speaker 1>the country for St. Patrick's Day, so many of these holidays.

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<v Speaker 1>Then moving into the summer with Memorial Day, fourth of July. Um,

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<v Speaker 1>the bars and restaurants in this country were just so

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<v Speaker 1>hard hit. Um. You had a I think you did

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<v Speaker 1>an interview with John Taffer from our rescue bar rescue

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<v Speaker 1>last month. Um and he said that he's starting to

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<v Speaker 1>see them coming back though, and that's what the data

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<v Speaker 1>shows that we're seeing. Um Uh. You know, we're getting

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<v Speaker 1>near the end of this COVID period, thankfully, um And

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<v Speaker 1>I think we're starting to see these bars and restaurants crowded.

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<v Speaker 1>I can tell you down here at the Jersey Shore,

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<v Speaker 1>um we saw lines out the door and down the

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<v Speaker 1>block to get into some of the some of the

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<v Speaker 1>bars and restaurants at the Jersey Shore just this past

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<v Speaker 1>weekend when it was torrential rain outside with folks and

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<v Speaker 1>folks standing outside it with garbage bags and umbrella is

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<v Speaker 1>just trying to get in and gathered together, and a

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<v Speaker 1>lot of those a lot of that gathering is done

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<v Speaker 1>around a beer. Um. So we're very hopeful for the

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<v Speaker 1>recovery of the bars and restaurants. It's so important to

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<v Speaker 1>our country, so important to beer. Um Uh. During the

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<v Speaker 1>COVID period, we saw significant spoilage of food and beverage

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<v Speaker 1>and beer is perishable. Nearly nine million UM dollars worth

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<v Speaker 1>of beer that was just perishable, and that just that

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<v Speaker 1>just really hurts the industry and hurts the bars and restaurant.

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<v Speaker 1>That's amazing. That's a big number, hey, in terms of

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<v Speaker 1>UM demand. Ultimately though, did it pick up um substantially

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<v Speaker 1>over the past year. Just got about thirty seconds. We'll

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<v Speaker 1>do some news and then we'll come back. Well, I'll

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<v Speaker 1>just tell you one thing, John said, Uh, the more

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<v Speaker 1>beer was sold last month in Las Vegas than ever

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<v Speaker 1>before in the history of the city. So I think

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<v Speaker 1>that goes to show you, hopefully where we're going to

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<v Speaker 1>go in the next few months. All right, interesting John, Um, Yeah,

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<v Speaker 1>it was good to talk with him because to get

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<v Speaker 1>some perspective on hospitality and how it plays into the

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<v Speaker 1>restaurant industry, the small businesses that are largely the backbone

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<v Speaker 1>of the economy. Jim, we're gonna come back in just

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<v Speaker 1>a moment. Jim Agreevy. He's going to stay with us, President,

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<v Speaker 1>chief executive officer of the Beer Institute. Well, Jim Agreevy

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<v Speaker 1>is still with us. He's president, chief executive officer of

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<v Speaker 1>the Beer Institute, still with us on the phone in

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<v Speaker 1>New Jersey. The Beer Institute the national trade association that

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<v Speaker 1>represents America's brewers, beer importers, and supply chain partners. So

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<v Speaker 1>really a great snapshot of what's going on the industry, Hey, Jim,

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<v Speaker 1>one thing I wanted to ask you jobs. We get

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<v Speaker 1>the monthly jobs report tomorrow. Your industry, are they having

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<v Speaker 1>any troubles attracting workers, especially as the economy opens up

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<v Speaker 1>and demand ramps up. We don't see uh trouble attracting

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<v Speaker 1>workers in our breweries and distribution business. Um again, Carol

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<v Speaker 1>goes back to the bars and restaurants right right, five

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<v Speaker 1>jobs lost on a temporary or permanent basis, and you

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<v Speaker 1>hear lots of discussion around the difficulties of getting people

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<v Speaker 1>back into those places. And you know, I think we

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<v Speaker 1>really need to support the recovery by by getting those

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<v Speaker 1>folks back to work. Um uh. And I think we're

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<v Speaker 1>seeing that. I mean, you know, our senses from some

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<v Speaker 1>of the data, we're seeing that the food service uh,

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<v Speaker 1>in what we call the on premise, the bars, restaurants,

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<v Speaker 1>taverns are starting to come back to pre pandemic levels.

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<v Speaker 1>I think we're going to get there, but certainly you

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<v Speaker 1>do hear from a lot of different corners this the

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<v Speaker 1>discussion around the difficulty and getting some workers. And I

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<v Speaker 1>think we're certainly seeing that in the bars and restaurants

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<v Speaker 1>right now. But we're not at pre pandemic levels for

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<v Speaker 1>the industry yet. No. Um. But you know, I think

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<v Speaker 1>we're going to have a big summer, uh for all Americans,

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<v Speaker 1>and I think for the hospitality industry, and I think

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<v Speaker 1>for the beer industry. Um. Uh. So I'm very hopeful. Uh.

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<v Speaker 1>You know, you just see the economic impact of beer

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<v Speaker 1>through our Beer Servis America report. One point six percent

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<v Speaker 1>of US GDP comes from our our industry. Two million

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<v Speaker 1>Americans of their livelihoods in one way or another to

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<v Speaker 1>the production, distribution, and sale of beer. We're coming out

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<v Speaker 1>of a period where folks were cooped up. Um, they

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<v Speaker 1>want out, and I think they're going to um uh.

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<v Speaker 1>We're already seeing them sort of hitting the bars and

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<v Speaker 1>restaurants in this country in a big way, and I

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<v Speaker 1>think that's only going to grow. I have to say,

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<v Speaker 1>some of our listeners and followers on YouTube, I think

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<v Speaker 1>hearing that you said we're going to have a strong

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<v Speaker 1>summer saying well, doing to that. So responding as the

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<v Speaker 1>world reopens, hey, listen, one thing I'm curious about present

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<v Speaker 1>Minds said to be offering up to create a tax

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<v Speaker 1>floor fifteen down from his earlier proposal to lift the

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<v Speaker 1>corporate tax rate from twenty one to eight percent, so

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<v Speaker 1>essentially unwinding the tax cuts UM that the GOP adopted

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<v Speaker 1>back in seventeen. That's what he initially was looking to do.

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<v Speaker 1>Now it's like he's backing off of that potentially. I'm

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<v Speaker 1>assuming your members are in favor of lower rather than

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<v Speaker 1>higher corporate taxes. You know, we spew the power of

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<v Speaker 1>tax relief in our own industry. Um. We are one

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<v Speaker 1>of the most taxed industries and regulated industries in the country,

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<v Speaker 1>but we did receive a relief from the excise tax

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<v Speaker 1>that beer pays in two thousand UH twenty and two

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<v Speaker 1>thousand nineteen excuse me, UM, and we saw the power

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<v Speaker 1>of that UH for our industry. So I think it's

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<v Speaker 1>I think it's great to see seemingly Republicans and Democrats

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<v Speaker 1>coming together inching closer towards one another on on some

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<v Speaker 1>kind of deal here on infrastructure, which I think will

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<v Speaker 1>only help support the recovery. You know, excise taxes is

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<v Speaker 1>a tax that we pay that others do not. But

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<v Speaker 1>the total taxes paid we see in our Beer Serves

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<v Speaker 1>America report from UH from Beer is fifty five billion dollars.

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<v Speaker 1>So we certainly want to see low taxes, but we

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<v Speaker 1>know in our industry the power of tax relief. Just

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<v Speaker 1>in recent years it's been very helpful to us. So

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<v Speaker 1>what specifically, what what happens when there's low taxes? What

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<v Speaker 1>happens to that money? Because we often talking about it

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<v Speaker 1>with you know, publicly held companies that you get a

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<v Speaker 1>tax break, it's not necessarily higher wages or investment in

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<v Speaker 1>the business. It's often buy backs. So I'm just curious

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<v Speaker 1>what happens when there's lower taxes in your industry, What

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<v Speaker 1>specifically do you see happen. Yeah, Carol, in nineteen seventy six,

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<v Speaker 1>there are fifty one breweries left in this country. Today

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<v Speaker 1>there are over eight thousand. And I can tell you

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<v Speaker 1>when we received the xcise tax relief. Over the last

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<v Speaker 1>few years that we've received UM, I talked to brewers

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<v Speaker 1>across the country, large brewers, small brewers, all sort of

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<v Speaker 1>talking about the same thing, using that tax relief to

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<v Speaker 1>hire more workers, to improve their physical plants, their breweries,

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<v Speaker 1>their their tap rooms. Uh. You know, they're they're Fastill

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<v Speaker 1>it is UM finding more ways to distribute their beer,

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<v Speaker 1>innovating more and more so to me, Uh, and I

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<v Speaker 1>we see this. We are an industry that has experienced

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<v Speaker 1>this over the last few years. Low taxes drives innovation,

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<v Speaker 1>it drives jobs, uh, and it drives an industry. Okay,

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<v Speaker 1>So in terms of innovation, what are some of the

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<v Speaker 1>kind of interesting innovative trends that are happening within the

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<v Speaker 1>beer industry. You know, we were talking on our planning

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<v Speaker 1>call and I was thinking about cannabis and beer, and

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<v Speaker 1>the political environment seems to be opening up in a

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<v Speaker 1>big way, certainly when it comes to cannabis. More generally speaking,

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<v Speaker 1>what are the interesting trends Jim, that are happening right now?

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<v Speaker 1>Beer is always innovating, Carol. You know, a few decades ago,

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<v Speaker 1>light beer was an innovation of its time, and then

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<v Speaker 1>we saw the rise of the craft movement and bringing

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<v Speaker 1>back some of the styles that had fallen off the

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<v Speaker 1>radar screen throw up, particularly I P A. S. Today,

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<v Speaker 1>you see ready to drink beverages in so many different ways.

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<v Speaker 1>The hard cellser phenomenon of the last four years preceded

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<v Speaker 1>by the hard soda uh movement of a few summers ago. Um,

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<v Speaker 1>that's the great thing about beer. We are always innovating.

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<v Speaker 1>We want to be where the consumer is and the

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<v Speaker 1>consumer right now is looking for more flavor, but also

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<v Speaker 1>very mindful of health and wellness, calories and other things.

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<v Speaker 1>So these these hard selsers are ready to drink beverages

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<v Speaker 1>are are really becoming a bigger and bigger part of

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<v Speaker 1>our industry. There. Many of them are malt based, they're

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<v Speaker 1>made in a brewery, they're made by brewers. Um. That's

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<v Speaker 1>the kind of innovation you see. And you hear so

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<v Speaker 1>much about these different hard Seltzer brands now. Um, but

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<v Speaker 1>there's always something new uh in beer. Beer is the

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<v Speaker 1>incredibly dynamic industry. Just got about seconds here. When you

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<v Speaker 1>talk to your members, the outlook, the economic mark it outlook,

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<v Speaker 1>how does it look for the next six months to

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<v Speaker 1>twelve months. Well, as I said, I think we're hoping

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<v Speaker 1>for a big summer for every American and for beer

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<v Speaker 1>in particular. We want to grow those uh two million

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<v Speaker 1>jobs supported by the beer industry. We want to grow

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<v Speaker 1>that three thirty two billion dollar economic input that we have.

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<v Speaker 1>So um. You know, I think that there's always some

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<v Speaker 1>things that can be improved upon, but I think the

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<v Speaker 1>opportunities for beer are great. I think the opportunities for

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<v Speaker 1>our country are very coming out of this, uh, this

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<v Speaker 1>pandemic period, so I'm very hopeful. All right, Well, great

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<v Speaker 1>to check in with you. I really appreciate it. Jim

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<v Speaker 1>and Greevy, he's president, chief executive officer at the Beer Institute,

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<v Speaker 1>joining us on the phone from New Jersey. Some optimism,

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<v Speaker 1>certainly for his industry.