Maryland's horse industry hasn't recovered fully from years of decline but has regained its footing and is generating more than $1 billion a year — 23 percent more than in 2010, a study released Monday found. The study, conducted by the Sage Policy Group, said the industry's nascent rebound appears to be accelerating. "The last five years have represented a stark contrast from the prior three decades when Maryland's horse industry was in decline," said the study, paid for by the Maryland Horse Breeders Association and a dozen other industry partners. The study, released at Goucher College — which is building a new equestrian facility that soon will be the new home of the breeders association — quantified the extent of the industry's recovery and its ripple effect on the state's economy.