Friday , 19 December 2014
Breaking News
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.

Go Back