When the recession hit, the boating industry took a huge dive, as consumers cut back on big-ticket luxury items and financing opportunities dried up. But now that the economy is on the path to recovery, boating is bouncing back – and it’s doing better than ever. This summer, the National Marine Manufacturers Association (NMMA) reports that more than 88 million boaters are expected to go out on the water, and the Fourth of July is the biggest holiday for the industry.
“We always have an uptick the week before the Fourth of July, because there’s great weather and people want to be with their family,” says Rick Danderweel, the store manager of North Texas Marine in Fort Worth.
And it looks like this summer will keep getting hotter and hotter for the boating industry, which grew 10% last year – and is continuing to see huge growth.
Boating: A Made-in-America Success Story
When it comes to boats, sales are overwhelmingly American: The NMMA reports that 93% of the boats sold in the United States were manufactured domestically.
So when boating dropped from $36.5 billion in pre-recession sales to lows of $30 billion, American jobs were slashed as a result. The industry supports more than 950,000 positions in the U.S. Read more….