Finance News

Marine Economy in 2019 Outpaces US Economy Overall

America’s marine economy contributed about $397 billion to the nation’s gross domestic product in 2019 and grew faster than the nation’s economy as a whole, according to the most current results of the first official Marine Economy Satellite Account released today by two Department of Commerce agencies.

“America’s strong marine economy is absolutely vital for building back better,” said Secretary of Commerce Gina M. Raimondo. “President Biden sees the immense value and potential of strengthening America’s blue economy, and this administration will continue to take actions to combat the climate crisis, conserve our oceans, and protect our coastal communities.”

“These statistics show how powerful America’s blue economy is as a driver of jobs, innovation and economic growth,” said Ben Friedman, acting NOAA administrator. “This information will assist our nation’s economic recovery by helping policymakers, industry advocates, and organizations track and accelerate investments in target markets.”

For these statistics, experts from NOAA and the Bureau of Economic Analysis (BEA) described 10 sectors representing businesses dependent on the nation’s oceans, coasts and Great Lakes between the years 2014 and 2019. Marine-related gross domestic product grew 4.2% from 2018 to 2019, faster than the 2.2% growth of the total U.S. gross domestic product as measured in inflation-adjusted dollars. Businesses included in the report also generated a total of $665.7 billion in sales and supported 2.4 million jobs in 2019.

The 10 sectors ranked by their sales are:

  • Tourism and recreation, including recreational fishing ($235 billion)
  • National defense and public administration ($180 billion)
  • Offshore minerals ($93 billion)
  • Transportation and warehousing ($64 billion)
  • Commercial Ship and boat building ($31 billion)
  • Living resources, including commercial fishing and aquaculture ($27 billion)
  • Utilities ($12 billion)
  • Research and education ($10.4 billion)
  • Construction ($7.0 billion)
  • Professional and technical services ($6.3 billion)

“These statistics are further proof that our waters are vital for America’s economy,” said Nicole LeBoeuf, acting director of NOAA’s National Ocean Service. “It is nearly impossible to go a single day without eating, wearing, or using items that come from or through our ports and coastal communities.”

Last year, NOAA and BEA released the Ocean Economy Prototype statistics which covered 2014-2018 and were the most comprehensive measurement of the marine economy at the time. This year’s statistics offer improved national estimates for ocean, coastal, and Great Lakes-related economic activity by major sector, accounting for inflation. The data, report and other materials are available at Marine Economy | US Bureau of Economic Analysis (BEA) and on NOAA’s Digital Coast website.

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