The Miami International Boat Show wrapped up this weekend, with tens of thousands of people checking out the latest and greatest marine products.
The boat show means big business for South Florida, with organizers estimating the economic impact to be more than $1.3 billion.
Boat shows only bring in big bucks for one week of the year, but the entire boating industry is a major source of revenue for the entire state of Florida.
Florida No.1
Florida ranks among the top states in the nation when it comes to the economic impact of recreational boating, according to the National Marine Manufacturers Association.
The association estimates the annual economic impact of recreational boating in Florida at $31.3 billion, a significant portion of the estimated $230.3 billion nationally.
By comparison, the next closest state, California, has an annual economic impact of $17.3 billion.
The association says Florida spends an estimated $5.4 billion each year on new boats, engines, trailers and accessories.
According to NMMA, recreational boating supports approximately 110,000 jobs and more than 7,100 businesses in Florida.
Florida also has over 1,004,000 registered boats.
Recent growth and future
Recreational boating has soared in popularity during the COVID-19 pandemic as Americans prioritized spending time outdoors and with family and friends, industry officials say.
According to the 2023 NMMA study, annual economic activity in recreational boating increased by 36% from 2018.
“Recreational boating and fishing are major economic drivers in the United States, and the latest economic analysis shows the extraordinary growth and demand our industry has experienced as we emerge from the pandemic,” said NMMA Chairman Frank Hugelmeyer. It highlights that.” “There is no denying the profound impact the past few years have had on our industry, with record numbers of Americans seeking boating and fishing, driving significant economic output, and supporting tens of thousands of small businesses and nearly a million We've seen it support jobs for thousands of people.”
Retail sales of new powerboats were expected to be down slightly last year, but manufacturers are seeing new technologies ranging from hydrogen-fueled marine engines to boats powered entirely by sustainable marine fuels. We hope to help the industry.
With approximately 1,350 miles of coastline, Florida will continue to lead the nation in recreational boating for many years to come.
