PALM BEACH COUNTY, Fla. - A study released yesterday by the Marine Industries Association of Palm Beach County shows the marine industry has an annual direct economic impact of $1.35 billion in Palm Beach County, a 112 percent increase since the release of a similar study in 1999, MIAPBC said in a release Monday.
The study was commissioned by the local trade organization and was conducted by Gulf Engineers and Consultants Inc. of Baton Rouge, Louisiana.
The purpose of the study was to estimate the current economic impacts of the marine industry in Palm Beach County as well as the estimated current market value of boat slips in the county.
The study was based on the following information:
- $2.1 billion in gross business volume
- $751 million in personal income
- 19,928 jobs
- $436 million in boat slips
- $78.4 million in marinas and boatyards
The release of the study comes a week before MIABPC hosts the 20th Annual Palm Beach Boat Show, March 17-20 along the waterfront in Downtown West Palm Beach and in the Palm Beach County Convention Center. MIAPBC is a trade organization representing more than 800 marine-related businesses in Palm Beach County.
“Boating is big business in Palm Beach County,” said MIAPBC president Lou Daniello, Jr. “These figures show that our industry is growing at a healthy rate. We must continue to address such issues as waterfront access, the protection of boatyards and the need for more boat ramps and boating destinations to ensure that we can meet the growing needs of boaters in Palm Beach County.”
The study involved updating the findings of a 1999 economic impact study commissioned by the Florida Inland Navigation District.
More than half of the economic impacts are generated by the service sector of the marine industry, including in excess of $1 billion in business sales, $369 million in personal income, and 9,885 jobs. The second largest impacts are generated by manufacturing activities, with more than $320 million in sales, $100 million in personal income, and 2,490 jobs.
In addition to the direct economic impact of the marine industry, the study also found that boaters spend approximately $52.97 per outing on non-marine-related purchases such as gas, food, drinks, and ice. These non-marine related purchases total $91 million in retail purchases ($51.6 million for gasoline sales and $39.4 million for food, drinks, and ice) and are estimated to generate economic impacts of $135 million in business volume, $34 million in personal income, and 850 jobs.
The study found that the current average market value of a boat slip in Palm Beach County is $94,235, an increase of 204 percent from the average value presented in the 1999 Report.
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