Weekly 5: Recreational boating contributes $10 billion to Canada’s economy

The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every week on BoatingIndustry.com.

1. NMMA: RECREATIONAL BOATING CONTRIBUTED $10 BILLION TO CANADA’S ECONOMY IN 2016

In 2016, the influence of the recreational boating industry in Canada resulted in revenues estimated at $10 billion that generated $5.6 billion in GDP and supported nearly 75,000 jobs throughout the country, according to a new study from NMMA Canada.

“This new economic impact data reinforces the importance of recreational boating in Canada and the significant contribution our industry makes to the Canadian economy,” said Sara Anghel, executive director of NMMA Canada. “Boating is a favorite pastime of millions of Canadians and the 8.6 million boats on the water in Canada stimulate jobs, revenue and taxes.”

2. NORTH CAROLINA LAW STRENGTHENS DRUNKEN BOATING LAWS

In North Carolina, boaters are now subject to stiffer penalties if caught drinking and boating, WNCT reports.

Called "Sheyenne’s Law," the new rule makes impaired boating causing serious injury or death a felony.

3. AGRICULTURE SECRETARY CONFIRMS SUPPORT FOR ETHANOL

“You have nothing to worry about” regarding the future of the Renewable Fuel Standard and President Donald Trump’s commitment to support the industry, Sonny Perdue, recently confirmed as the U.S. secretary of agriculture, told an Iowa crowd last week, the Quad City Times reported.

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“Did you hear what he said during the campaign? Renewable energy, ethanol, is here to stay, and we’re going to work for new technologies to be more efficient,” Perdue said, according to the paper.

4. STILL SHORT OF FULL EMPLOYMENT, ECONOMIST SAYS

While there are encouraging signs of an economy nearing full employment, the low inflation rate means we're still probably short of that mark, writes Jared Bernstein, former chief economist to Vice President Joe Biden.

5. DOES YOUR BUSINESS NEED CYBER LIABILITY INSURANCE?

I wrote last week about the importance of protecting your company in the case of a cyber hack or virus. But what happens if you do suffer a breach?

The Minneapolis/St. Paul Business Journal offers a look at whether or not a company should invest in cyber liability insurance.

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