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It's the celebration of a multi-billion dollar industry that's good for the economy and our taste buds.

It's National Ice Cream Day!

Ice cream dates back to 1984 when President Ronald Reagan dubbed July "National Ice Cream Month," and the third Sunday of the month "National Ice Cream Day." The decision came at a time when 90 percent of the nation was eating ice cream, according to the International Dairy Foods Association. Today, the industry rakes in about $10 billion each year.

According to the IDFA, ice cream producers make 1.53

billion gallons of ice cream every year; more than 700 million gallons comes from the central United State, alone.

Surveys show the nation's favorite ice cream flavor is vanilla, followed by mint chocolate chip, and cookies and cream.

For more fun ice cream facts, check out the IDFA's National Ice Cream Month section.

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