It should come as no surprise that NYC is a hot spot for boating enthusiasts, considering that it’s surrounded by water. What might be enlightening is just how great that industry’s reach actually is, and how much annual business it provides in New York.
Because the truth of the matter is that boating doesn’t just mean substantial business in places like Florida or California. It’s a $37 billion industry in the United States, and $560 million of that business is conducted in New York, as of 2013. If you think that’s impressive, experts predict that the number of powerboat sales alone will increase by up to 7 percent in 2014.
For many, the idea of recreational boating sounds like a leisure they either don’t prioritize or feel like they can’t afford. But in fact, most people who enjoy boat-related activities (including tubing and water skiing) come from the middle class, with households earning below $100,000. That figure, and the fact that 89 million Americans enjoyed boating in 2013, might explain why the Progressive Insurance New York Boat Show and the maritime industry have such close ties to the city – and the economy.
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The boating industry in New York provides 14,697 jobs, with about 1,856 companies in operation. These local retailers do about 25 percent of their annual business at the New York Boat Show. This year is going to be especially popular, if the past few months are any indication. Between Thanksgiving and Christmas in 2014, local dealers had more sales inquiries than in the entire two years prior.
Currently, New York ranks No. 8 nationally with 456,909 registered boats. But 2015 will be a year of even greater economic growth for the industry – and it all begins with the Progressive Insurance New York Boat Show.