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Regional Economic Study Updated at FLIBS October 14, 2014

The old adage, “It’s not if you win or lose, but how you play the game,” has relevance as the Southeast Florida marine industry looks forward to the new, regional Boating Economic Impact Study to be presented at the press conference at the opening of the Fort Lauderdale International Boat Show. The previous study released in 2010 documented the marine industry stimulating 107,000 jobs, and nearly $9 billion in revenue in the region. The activity was measured in the Tri-County area, including the 90,000 jobs in Broward County.

Following four years of generally positive industry growth, the expectation is that the numbers have trended up. Regardless of direction, the data will tell an underlying story which needs to be shared and revisited with state and federal officials interested in the vitality of all marine activity.

The numbers are an important mirror reflecting marine industry jobs and activities to those currently engaged, and they are a magnet for others looking from outside of the region, perhaps offshore, and in other manufacturing or service industries who might see promise getting into marine. Good, reliable statistics help everyone better measure their current performance, target areas for improvement and growth, or uncover opportunity in a new or related discipline that can be developed.

Researcher Tom Murray of Thomas J. Murray & Associates produced the earlier study and has been working on the new one for several months. He says these assessments primarily help the overall industry address public policy: transportation (e.g., trains), dredging issues, submerged lands leasing issues, tax issues and the like. By having the economic linkages documented it is possible to estimate not only the size of the industry being impacted but also to quantify changes to the industry based economy from changes in public policy.

The study results will be available to industry members, planners and media on the opening day of FLIBS. Look for additional highlights in this newsletter next month.

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Marine Industries Association of South Florida. 221 SW 3rd Avenue, Fort Lauderdale, FL 33312. Phone: 954.524.2733