Marine Economy Accounted For 1.9% Of GDP In 2019

The first official Marine Economy Satellite Account statistics released by the U.S. Bureau of Economic Analysis (BEA) show that the marine economy accounted for 1.9 percent, or $397 billion, of current-dollar U.S. gross domestic product (GDP) in 2019 (table 11).

The new statistics show that inflation-adjusted (real) GDP for the marine economy grew 4.2 percent in 2019, faster than the 2.2 percent growth for the overall U.S. economy. Real gross output, compensation, and employment also all grew faster in the marine economy than in the overall economy in 2019.

This official release updates BEA’s prototype estimates of current-dollar gross output, value added, employment, and compensation for the marine economy from 2014-2018, released last year. It also introduces inflation-adjusted (real) estimates of gross output and value added (GDP) by both industry and activity for the marine economy.

The statistics are updated to include refinements in methodology and presentation incorporated by BEA after receiving public feedback to the prototype statistics released June 2, 2020.

In the Marine Economy Satellite Account, gross output—principally a measure of sales or receipts associated with the marine economy—is presented both by industry and by marine economy activity. Marine economy activities fall into ten general categories. In 2019, tourism and recreation (including activities such as coastal trips and travel, offshore boating, and offshore recreational fishing) accounted for 35.3 percent of marine economy gross output; national defense and public administration accounted for 27.1 percent; and minerals, offshore (including offshore oil and gas), accounted for 14.0 percent.

• Tourism and recreation was the largest marine economy activity in 2019, accounting for $234.9 billion of gross output.
• Nonrecreational ship and boat building accounted for $31.2 billion of gross output in 2019. This activity increased $8.5 billion (37.2 percent) from the previous year, making it one of the fastest-growing marine economy activities.
• Marine transportation and warehousing accounted for $63.8 billion, or 9.6 percent, of gross output in 2019.

Marine economy value added is presented by industry, which shows how an industry’s participation in the marine economy contributes to GDP. For example, the data shows that the government sector was the largest contributor to the marine economy in 2019, accounting for 31.3 percent ($124.3 billion) of all marine economy activity. Government was also the largest industry sector for compensation ($76.0 billion) and for employment (647,000).

• Real estate and rental and leasing had the second largest contribution to the marine economy, accounting for $55.5 billion of value added.
• Transportation and warehousing was the second-largest industry for compensation ($21.3 billion), with 43.3 percent of this value coming from the category “other transportation and support activities” which includes scenic and sightseeing transportation.
• Accommodation and food services was the second-largest industry for employment (464,000) in 2019.

Additional information on the marine economy statistics and the data sources and methodology that underlie their preparation are available here: www.bea.gov/system/files/2020-06/defining-and-measuring-the-united-states-ocean-economy.pdf