We provide essential leadership to marine sector businesses by combining the vital market segment and giving a voice that speaks louder than individual entities. A study completed by Thomas J. Murray & Associates, Inc. for the Marine Industries Association of South Florida shows the marine industry has a $2.1 billion annual economic impact in Palm Beach County.
Over the past four years between fiscal years 2014 and 2018 a consistent turn-around in the marine industry has occurred throughout the State and Tri-County areas. The overall increase in marine related sales in Palm Beach was 19.7% over the period. Taken as a region the Tri-County marine industry sales grew an estimated 36.3% between 2014 and 2018.
During the most recently completed fiscal year (2018), Palm Beach County reported $701.9 million in sales for this sector.
Combined as a region, the Tri-county area represented 44.4% ($2.979 billion) of Florida's gross marine sales during the 2018 fiscal year. For fiscal year 2018, gross retail sales of boat and motor products equaled $6.7 billion statewide - an increase of 43% since 2014.
For FY 2018, the overall economic impact of the marine industry for Palm Beach County is estimated as follows: Palm Beach County's marine industry had an estimated impact of $2.1billion in gross output - an increase of $306.9 million from $1.883 billion in 2014; including $791.3 million in wages and earnings compared to $682.1 million in 2014, and an associated 21,135 jobs compared to 18,221 in 2014.
The Tri-county marine industry had an estimated economic impact of $12.0 billion in gross output - an increase of $500 million from $11.5 billion in 2014; including $4.2 billion in wages and earnings, up from $4.0 billion in 2014, and an associated 141,787 jobs generated compared to 136,000 in 2014.