More than Summer Fun: Americans’ Increased Passion for Boating Creates $230 Billion Wave of U.S. Economic Impact
Tue, May 23, 2023 5:19 AM
WASHINGTON--(BUSINESS WIRE)--May 23, 2023--
The National Marine Manufacturers Association (NMMA), the leading trade association representing North American recreational boat, marine engine and accessory manufacturers, announced today the growing economic impact of the recreational boating industry across the United States. The 2023 NMMA study reveals recreational boating saw a 36% increase in annual economic activity from 2018’s $170 billion to $230 billion in 2023 and a 14% jump in recreational marine industry-related jobs from 691,000 in 2018 to 812,000 in 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230523005105/en/
Recreational boating and fishing are a major economic engine in America. Photo Courtesy NMMA
The leap comes on the heels of record growth in recreational boating between 2020 and 2022 as Americans increasingly prioritized outdoor recreation, mental health and time with family and friends throughout the pandemic. The industry’s momentum is expected to hold steady in 2023 with sales of new and pre-owned boats on par with 2022 as Americans remain focused on outdoor experiences.
“Recreational boating and fishing are a major economic engine in the U.S. and the latest economic analysis underscores the extraordinary growth and demand our industry has experienced coming out of the pandemic,” said Frank Hugelmeyer, NMMA president. “The profound impact the past few years have had on our industry cannot be denied as we’ve seen Americans seek out boating and fishing in record numbers, driving significant economic output and supporting tens of thousands of small businesses and nearly a million jobs.”
States leading the nation with the highest economic activity and job growth from recreational boating include:
- Florida: $27.2B, up 33% and 109,000 jobs, up 19% from 2018.
- California: $15B, up 33% and 48,000 jobs, up 18% from 2018.
- Texas: $10.6B, up 56% and 38,000 jobs, up 47% from 2018.
- Michigan: $10.2B, up 60% and 45,000 jobs, up 45% from 2018.
- New York: $8.6B, up 22% and 34,000 jobs, down 8% from 2018.
- North Carolina: $8.2B, up 66% and 28,000 jobs, up 39% from 2018.
- Wisconsin: $7.3B, up 107% and 35,000 jobs, up 101% from 2018.
- Georgia: $7B, up 80% and 27,000 jobs, up 80% from 2018.
- Washington: $6.9B, up 16% and 23,000 jobs, up 1% from 2018.
- Minnesota: $5.9B, up 121% and 25,000 jobs, up 137% from 2018.
The U.S. recreational boating industry sold just over 260,000 new powerboats and more than one million pre-owned boats in 2022, ranging from small aluminum and fiberglass fishing boats to pontoons and family cruising and watersports boats. Recreational boating is a uniquely American-made industry with an estimated 95% of boats sold in the U.S. being made in the U.S. Approximately 61% of U.S. boat owners have an annual household income of $75,000 or less. What’s more, the majority of the 12 million registered boats (95%) in the U.S. are smaller than 26 feet in length and are towed by their owners to local waterways.
“With summer on the horizon, we’re anticipating healthy boating participation with more than 85 million people estimated to take to the water in the U.S. amid Americans’ continued appetite for the outdoors and unique experiences,” notes Hugelmeyer. “With healthy boating participation comes continued economic activity across the recreational boating eco-system, from marinas and harbors to hospitality and tourism and manufacturing and service—lifting up vital small businesses and jobs and the local communities they support.”
The 2023 NMMA-produced economic impact study was conducted with economic research firm John Dunham and Associates and includes all marine companies and businesses related to the manufacture, rental, sale, distribution, maintenance, financing, insurance, repair, and storage of recreational boats, marine engines and marine accessories in the United States.
About NMMA: The National Marine Manufacturers Association (NMMA) is the leading trade organization for the North American recreational boating industry. NMMA member companies produce more than 80 percent of the boats, engines, trailers, marine accessories and gear used by millions of boaters in North America. The association serves its members and their sales and service networks by improving the business environment for recreational boating including providing domestic and international sales and marketing opportunities, reducing unnecessary government regulation, decreasing the cost of doing business, and helping grow boating participation. As the largest producer of boat and sport shows in the U.S., NMMA connects the recreational boating industry with the boating consumer year-round. Learn more at www.nmma.org and get engaged with us on LinkedIn,Facebook and Twitter.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230523005105/en/
CONTACT: Rebecca Egsieker
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING OUTDOORS MANUFACTURING MARITIME RETAIL TRANSPORT AUTOMOTIVE FISHING LUXURY CONSUMER ELECTRONICS TECHNOLOGY OTHER SPORTS OIL/GAS SPORTS ENERGY OTHER MANUFACTURING CRUISE RECREATIONAL VEHICLES TRAVEL
SOURCE: The National Marine Manufacturers Association
Copyright Business Wire 2023.
PUB: 05/23/2023 08:20 AM/DISC: 05/23/2023 08:19 AM