Data recently released by the National Marine Manufacturers Association (NMMA) shows that unit sales of new powerboats increased 5 percent in 2017, reaching 262,000, the highest levels the U.S. recreational boating industry has seen in 10 years.
Total marine expenditures were at an all-time high in 2017 at $39 billion (spending on new boats, engines, trailers, accessories and services), up 7 percent from 2016. Boat manufacturers are expanding capacity to meet this demand – building new plants and increasing production; supporting recent data from the Bureau of Economic Analysis that U.S. manufacturing gross output increased to $6.22 trillion in the fourth quarter of 2017.
“As the strong economy continues to bolster new boat sales and boating expenditures, capital spending and manufacturer optimism are at record highs, creating one of the strongest periods on record for the U.S. boating industry, and a buyers’ paradise with more boats and more options on the market,” said NMMA President Thom Dammrich. “Economic factors such as an increase in GDP, improving housing market, strong consumer confidence, and growing disposable income are spurring demand for new boats.”
Annual U.S. sales of boats, marine products and services totaled $39 billion in 2017, an increase of 7 percent from 2016.
There were approximately 262,000 new power boats sold in 2017, an increase of 5 percent from 2016.
Leading the nation in sales of new powerboat, engine, trailer and accessories in 2017 are the following 10 states, nine of which saw double-digit growth from 2016:
- Florida: $2.9 billion, up 10 percent
- Texas: $1.7 billion, up 12 percent
- Michigan: $982 million, up 12 percent
- North Carolina: $838 million, up 16 percent
- Minnesota: $807 million, up 12 percent
- New York: $735 million, up 4 percent
- California: $718 million, up 14 percent
- Wisconsin: $713 million, up 12 percent
- South Carolina: $637 million, up 12 percent
- Georgia: $632 million, up 11 percent
Also, there were an estimated 988,200 pre-owned boats (powerboats, personal watercraft, and sailboats) sold in 2017, the highest pre-owned boat unit sales since 2006, totaling $9.3 billion in sales, an increase of two percent from 2016.
The data showed that boating is predominantly “middle-class” with 62 percent of boat owners having a household income less than $100,000.
