Economic Impact of the South Florida Marine Industry Continues to Grow

A new study was released that shows the economic impact of the marine industry in South Florida has been growing steadily since 2018 when the last study was completed. Increases have been in major categories like total economic output and marine-related sales.  

The full study results were presented by Phil Purcell, CEO/president of the Marine Industries Association of South Florida (MIASF) at a Tri-County business luncheon hosted by MIASF in Fort Lauderdale, Florida.  

“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,” said Purcell.  

Regionally, the marine industry’s economic output increased from $12.0 billion in 2018 to $18.5 billion in 2022 including marine sales of $7.187 billion, which represents 38% of Florida’s total.  Despite the headwinds of COVID-19 and overall economic displacement the industry’s impact on regional employment was an estimated 141,860 jobs.   

“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/library.