The boat industry is still going strong
Boat sales boomed during the pandemic and are still going strong, according to a midyear market index from local advertising and software company Boats Group.
Why it matters: In South Florida, the marine industry's impact on regional employment was an estimated 141,860 jobs, according to a March report by the Marine Industries Association of South Florida.
What's happening: Boat values are almost 20% higher now nationally than in 2019.
- The average value of a boat — counting both sailboats and powerboats — in the U.S. is $139,152 now, up from $103,629.
- Plus, boats are also spending fewer days on the market: 187 during the first half of 2023 compared to 261 days in 2019.
- Inventory is finally being replenished after the supply chain was disrupted during the pandemic, the report says.
What they're saying: The report reflects "a very positive trajectory," for the boating industry, Courtney Chalmers, VP of marketing at Boats Group, said in a statement.
Of note: A survey by Boat Trader in May found that two in five millennials who bought boats within the last one to three years plan to upgrade their vessels.
- The success of the industry depends on attracting new and younger customers, Chalmers said in a statement at the time.
More Miami stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Miami.