Pet-Related Stocks Are Crushing It This Year

American’s are showering their pets with love and money.

America’s love affair with pets apparently extends to the stock market.

An index designed to track companies in the pet business has posted impressive gains over the past year, Bloomberg reports.

The Pet Passion Index, designed by Motif Investing, is up 19 percent since this time in 2016. 

Among the fastest-rising stocks are IDEXX Laboratories. and PetMed Express.

Citing analysts, Bloomberg reports that “an improving economy has encouraged pet adoptions and loosened up the wallets of people who already have one.”

David Westenberg, analyst with CL King & Associates, is quoted saying the pet industry often appeals to investors “who want to wait on the sidelines until the health-care debate shakes out.”

Pet industry spending for 2016 came in at $66.75 billion, up from $60.28 billion in 2015, according to the American Pet Products Association.

Read more at Bloomberg