NMMA Calculates Economic Impact of Miami Boat Show

The 2013 Progressive Insurance Miami International Boat Show generated an economic output of $597 million in Florida as a result of out-of-state purchases and expenditures at the show and it supported 6,592 full-time jobs, according to an economic impact analysis released by the National Marine Manufacturers Association.

The 2013 show took place Feb. 14-18, attracting 102,118 visitors from around the world.

The study, the first of its kind in nearly a decade, was prepared by Thomas J. Murray & Associates Inc. and it assessed the economic impact of the annual five-day event on Miami-Dade, Broward and Palm Beach counties, as well as the state of Florida.

Total estimated sales by Florida companies during the 2013 show reached $312.2 million, and total excise and sales tax generated within Florida as a result of the show was $30.4 million.

“The results of the new study illustrate the show’s significant impact, not only on South Florida’s local economy, but to the entire state and recreational boating industry,” NMMA show manager and vice president Cathy Rick-Joule said in a statement.

“The Progressive Insurance Miami International Boat Show continues to be a mainstay for dealers and manufacturers, which enables them to showcase their products before an international audience of serious buyers. It is one of the world’s premier boating events — a barometer for annual boat sales, a gathering of the newest and best products in recreational boating and a boost to our economy.”

Other key findings were:

• Statewide in Florida, labor income effects of $216.6 million were associated with the economic activity stemming from the boat show.

• 35 percent of boat show visitors were from outside Florida.

• The average expenditure by out-of-town visitors (hotels, restaurants, retail spending, local transportation, etc.) at the show was $225.50 a day; foreign attendees spent $302.69 a day. Such visitor expenditures totaled an estimated $63.6 million.

• 33 percent of exhibitors were Dade, Broward or Palm Beach county companies.

• 35 percent of exhibitors were from outside Florida.

• Exhibitors spent $18.9 million on local goods and services such as hotels, restaurants, retail and local transportation. Such expenditures were the beginning of economic effects throughout the county, the region and state.

Source: TradeOnlyToday