Latest Economic Impact Study Released January 30, 2019
The Marine Industries Association of South Florida and the Greater Fort Lauderdale Alliance released new numbers in an updated marine industry economic impact study produced by Thomas J. Murray and Associates, Inc. The study indicates steady growth in major categories like total economic output, marine-related sales, and job numbers since 2014, when the study was last released.
Phil Purcell presented the results at a member business luncheon hosted in Miami, where marine-related sales increased an unprecedented 124%. Phil told the audience of more than 100 that despite the marine industry being a powerhouse in South Florida, it’s important that we routinely have an economic impact study conducted to confirm the numbers and offer insight into trends that we can then share within the industry and with the community and our elected officials.
Regionally, the marine industry economic output increased from $11.5 billion to $12 billion and marine sales of $2.979 billion represented more than 44% of the State’s total. Additionally, regional job numbers increased by nearly 6,000 for a total of 141,788. With outdoor recreation comprising 2% of the U.S. GDP, and recreational fishing and boating representing half of that, it’s evident that we need to continue to protect and support our working waterfront, while subsequently offering a meaningful career path for skilled trade professionals.
For additional information, an executive summary of the Economic Impact of the Recreational Marine Industry in Broward, Miami-Dade, and Palm Beach Counties can be accessed at www.miasf.org/about/library/.