Louisiana's $3.9 billion boating industry
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Showing off in Lake Martin near Breaux Bridge and Lafayette. Photo: Visions of America/Universal Images Group via Getty Images
Recreational boating, which took off during the COVID-19 pandemic, is still popular despite what industry experts call a "normalization" of boat sales in the wake of the COVID era's extraordinary growth.
Driving the news: In Louisiana, the recreational boating industry generates $3.9 billion in economic impact according to the National Marine Manufacturers Association (NMMA).
- The state has more than 315,000 registered boats, and the industry supports 790 businesses directly.
Why it matters: It turns out that prioritizing outdoor recreation, mental health and unique experiences with close friends and family has lasting appeal for many Americans.
- The continued strong demand is good news for boat manufacturers and technicians, along with the marinas and hospitality businesses that feed off the boating industry.
- With sales steadying, at least people shopping for a new boat are likely to have better luck finding one this summer.
Between the lines: The yacht-owning one-percenters aren't the ones responsible for the booming boat economy.
- It's the vast numbers of regular folks fishing, water skiing, sailing and jet skiing.
- 800,000 first-time boat buyers entered the market in 2020 and 2021, NMMA senior vice president Ellen Bradley tells Axios.
Zoom out: Recreational boating saw a 35% increase in annual economic activity between 2018 and 2023, leaping from $170 billion to $230 billion, per the NMMA.
- Marine industry-related jobs grew from 691,000 to 812,000 during that period, a 17.5% jump.
- Sales of powerboats, sailboats and personal watercraft peaked in 2020 at 318,654 units, totaling $50.3 billion.
- Sales cooled slightly in 2021, to 305,734 units — but that's partly due to supply chain issues, which constrained inventory, Bradley notes.
- Last year, the industry sold just over 261,000 units — still strong by historical standards — and more than 1 million pre-owned boats. Sales are expected to remain flat, or increase slightly, this year.
What to watch: To help even more people get out on the water, the boating industry has been exploring new subscription-based boat-sharing clubs.
- One example: Freedom Boat Club, a division of Brunswick, maker of popular boat brands such as Bayliner, Boston Whaler and Sea Ray.