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Progressive Insurance Miami International Boat Show Announces $597M Economic Impact

Progressive Insurance Miami International Boat Show Announces $597M Economic Impact

Progressive Insurance Miami International Boat Show Announces $597M Economic ImpactThe 2014 Progressive Insurance Miami International Boat Show took place in Miami Beach Feb. 13-17, bringing more than 3,000 boats and 2,000 exhibitors from across the globe to three locations – Miami Beach Convention Center, Sea Isle Marina & Yachting Center, and Miamarina at Bayside.

The show last year generated an economic output of $597 million in Florida as a result of out-of-state purchases and expenditures at the show and supported 6,592 full-time jobs, according to an economic impact analysis released by the National Marine Manufacturers Association (NMMA). The 2013 Miami International Boat Show took place Feb. 14-18, attracting 102,118 visitors from around the world. This is the first study ofits kind in nearly a decade.

Prepared by Thomas J. Murray & Associates, Inc., the study 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 Miami International Boat 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,” said Cathy Rick-Joule, show manager and vice president, NMMA. “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 boost to our economy.”

OTHER KEY FINDINGS OF THE 2013 STUDY
• Statewide in Florida, labor income impacts of $216.6 million were associated with the economic activity stemming from the boat show.
• 35% of boat show visitors were from outside of Florida.
• The average expenditure by out-oftown visitors (hotels, restaurants, retail spending, local transportation, etc.) at the show was $225.50 per day; while foreign attendees expended $302.69 per day. Such visitor expenditures totaled an estimated $63.6 million.
• 33% of exhibitors were Dade, Broward or Palm Beach county companies.
• 35% of exhibitors were from outside of Florida.
• Exhibitors expended $18.9 million on local goods and services, such as hotels, restaurants, retail and local transportation.

Such expenditures were the beginning of economic impacts throughout the county, the region and state.