Report: Boating economy floats $655M to Boston

The National Marine Manufacturers Association (NMMA) announced that recreational boating in the United States has an annual economic value of $121 billion. Part of that money comes from a 10.7 percent increase in retail sales of new powerboats and a 29.2 percent increase on sailboats.

For the first time this year, the NMMA broke down the results of its study state by state. In Boston, the total economic impact of recreational boating is $655.6 million. The city hosts a total of 256 boating industry businesses with 5,321 workers.

As far as a favorite type of boat, 78 percent of the boats sold in Boston are powerboats. Overall, there are 48,007 recreational boats in the city. Powerboats represent 82 percent of the national boat market, and currently the NMMA is hoping for 5 percent increase during 2013.

As a whole the industry’s rising tide supports 964,000 jobs, 34,833 businesses, generates $40 billion in annual labor income and drives $83 billion in annual spending.

“New boat sales have historically been a barometer for the U.S. economy and the steady sales increases we’re seeing is being reinforced by the slow uptick in consumer confidence, housing and spending. As economic growth continues, we anticipate sustained steady growth through the remainder of 2013,” said Thom Dammrich, NMMA president, on the press release.

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