Industry Spotlight: Marine
Industry Spotlight is designed to highlight the exciting industry news available in the diverse industries that affect the Broward County economy. Here you will find a collection of Marine industry information, resources and economic activities. The recreational marine industry incorporates a wide range of commercial activity in the State of Florida. Included activities are boat manufacturing, boat sales, dockage facilities & marinas, associated wholesale and retail trade, marine services, such as repair, towing, yacht management, crewing, maintenance and more.
Economic Impact
In 2010, the Marine Industries Association of South Florida (MIASF) reported total recreational marine industry employment of over 107,000 with a payroll of $3.1 billion in the Tri-County area of Palm Beach, Broward and Dade. While the marine industry dollar output has been reduced by 34% since 2005 due to the recession, it still achieved a very substantial output of $8.9 billion in 2010 in this Tri-county area. Broward County, which includes Ft. Lauderdale as the “Yachting Capital of the World”, made up 83%, or $7.4 billion, of that Tri-County total.
Market Briefs
- In 2008, the State of Florida led all states in registered recreational watercraft with 921,834 boat registrations.
- It has been estimated that some 1400 mega-yachts visit South Florida annually and have an average economic impact of $400,000 per visit.
- In 2008, more than 141,000 boats were registered in South Florida, forming the base of the region’s boating community.
- Direct and indirect economic impacts of Florida's boating industry include: the export and sale of manufactured boats, outfitted and reconditioned; sale of related equipment and services; fabrication of metals for boat structures and hardware; retail sales of motorboats, yachts, marine parts, accessories, slip rentals, boat storage, fuel sales fishing supplies and more.
- Most jobs in this sector are considered "high-skilled/high-wage" positions and the demand for a well-trained quality workforce is strong.
Current Trends & Opportunities
- According to Economic Modeling Systems, Inc. (EMSI), the projected industry job growth from 2010 to 2012 will be at 3%.
- Broward College's new Marine Engineering Management Associate of Arts degree program continues to grow, with new day and evening classes. A certificate program is also offered to accommodate non-degree students with the technical training part of the program.
- Effective July 1, 2010, Carlos Vidueira replaced Frank Herhold as Executive Director of the Marine Industries Association of South Florida, an association with over 800 members in the region.
- Also in 2010, Bob Saxon replaced Rae Whitt as Executive Director of the Florida Yacht Brokers Association (FYBA), a trade association with about 500 members.
- An excellent source of current information is the Marine Industries of South Florida website at www.miasf.org. For example, MIASF owns the rights to the Ft. Lauderdale Boat Show which will be held from October 26-30, 2011.
- In a recently completed Targeted Industries Study, commissioned by the Broward County Office of Economic Development, the Marine Industry was designated as one of ten industries earmarked for economic development emphasis.
Links and Resources
- Marine Industries Association of South Florida: www.miasf.org
- Marine News: www.fort-lauderdalw-marine-directory
