At the International Marina & Boat Yard Conference, the Association of Marina Industries released the second version of its Economic Impact Calculator — a tool that lets a marina input gross revenues to calculate its impact on the local, regional and national economy. Information produced by this model is valuable to marina managers and owners who can use the impact figures to justify construction or expansion, obtain grant funds such as Boating Infrastructure Grants, or prove the value of their business to its community leaders. Lenders can benefit from this tool by having a knowledge of the properties that they are looking to finance or that they have acquired.
The second iteration of the calculator allows marinas to input gross revenues from multiple revenue streams, including slip and mooring rentals, real estate and restaurant revenues and other sources. This provides for a more accurate picture of economic impact because each revenue source benefits different sectors of the economy. For example, marina fuel sales have different ripple effects throughout the economy that food sales might not. These impacts are also likely to have different magnitudes. Different revenue streams also have different implications for government tax revenues. Marinas will now be able to show the value derived from each of their revenue streams.
The success of the calculator and the value of the reports that can then be generated from the aggregated data, however, relies on having as many U.S. marinas as possible share their most current data. It is a great opportunity for the marina industry to strengthen its voice by showcasing its benefits to the U.S. economy.
The University of Florida and the Virginia Institute of Marine Sciences developed the calculator for AMI with funding from AMI as well as Anchor South, Safe Harbor Marinas, Suntex Marinas, The California Association of Harbor Masters and Port Captains, Westrec Marinas, Kentucky Marina Association and Tennessee Marina Association.
For information about the model, contact Eric Kretsch at 202-350-9623 or firstname.lastname@example.org.