Dania boatyard revenues up 59% since project’s completion, report finds October 23, 2015
In 2012, Derecktor Florida predicted it was a good time to build the largest mobile boat lift in the world. Their decision was based partly on the Florida Inland Navigation District’s efforts to deepen the Dania Cutoff Canal along their location to 17 feet deep.
Their prediction was correct, according to a new report released on the economic impact of the deepening of the canal. Dania Beach boat yards’ revenues have increased 59 percent since the dredge, according to the study commissioned by FIND, a special state taxing district tasked with managing and maintaining the Atlantic Intracoastal Waterway.
According to the study by Thomas J. Murray & Associates, the county has received a $23.4 million economic benefit from the project. In addition:
- Dania boatyards saw a $10.85 million increase in revenues directly tied to the $7 million project, meaning it had an impressive 1.5:1 benefit-to-cost ratio in the first year after it was finished.
- Boatyards there are servicing 54 percent more vessels than before the dredge, and an additional $6.6 million in labor income has been generated.
- The majority of the yards are reporting wait lists for service, while none reported wait lists in 2013 or other recent years before the dredging.
The Dania project gives more boats access to the region’s $11.5 billion marine industry and allowed businesses to justify capital expenditures, such as the 900-ton mobile boat lift at Derecktor Florida.
“This project was a success because the boatyards collaborated and worked together to grow and reinvest in the region’s marine industry,” said Phil Purcell, executive director of the Marine Industries Association of South Florida.