A new study on the economic impact of the marine industry in South Florida indicates steady growth in major categories like total economic output, marine-related sales, since 2018, when the last full study was released.
Phil Purcell, CEO/president of the Marine Industries Association of South Florida (“MIASF”), presented the results at a Tri-County business luncheon hosted by MIASF on Wednesday in Fort Lauderdale, “Florida’s state-wide marine-related sales increased an unprecedented 197%.
“We know the marine industry is a legacy powerhouse here in South Florida for jobs, but it is important that we routinely have an economic impact study conducted to confirm the numbers and offer insight into trends that we can then share within the industry and with the community and our elected officials.” he said.
Regionally, the marine industry economic output increased in 2018 from $12.0 billion to $18.5 billion in 2022 including marine sales of $7.187 billion, which represents 38% of the State’s total. Despite the headwinds of covid and overall economic displacement the industry’s impact on regional employment was an estimated 141,860 jobs, just above the 2018 estimate.
“The recent popularity of outdoor recreation has benefited the marine industry with a wave of new customers and significant corporate acquisition and investment in our working waterfront businesses. It is critical we continue to offer a meaningful career path for skilled trade professionals through programs like the Yacht Service Technician Apprenticeship to address critical workforce needs,” Purcell added.
For additional information, an executive summary of the Economic Impact of the Recreational Marine Industry in Broward, Miami-Dade, and Palm Beach Counties can be accessed at www.miasf.org/about/library/ .