Business confidence among marine manufacturer CEOs increased in the fourth quarter with 88% of marine CEOs saying current conditions were stable or expanding (56% and 32%, respectively), compared to 76% (51% stable and 27% expanding) in the third quarter.
The report comes from NMMA's Marine CEO Sentiment Survey for Q4 2019 that includes insights on a quarterly basis from senior executives at recreational boat, marine engine and accessory manufacturing businesses.
Fifty-one percent of marine CEOs expect business conditions to improve in the next six months, up from 30% in the third quarter. Another 40% expect business conditions in the next six months to remain steady. Forty-eight percent of manufacturers reported modest to substantial growth in sales in Q4 and 24% reported sales were on par with where they were a year ago.
Marine CEO sentiment aligns with where retail sales of new boats netted out in 2019 with more than 280,000 units sold, the second highest total since 2007, following a pickup in sales during the second half of the year.
Click here to view and download the full report on nmma.org.