BRIC has successfully created strong industry and governmental alliances and is proud to announce our partnership with Rybovich Marina, Viking Yacht Services, the Port of Palm Beach, the Cities of West Palm Beach, Riviera Beach, and Palm Beach County to focus on the establishment of a new marine industry business district along the Broadway Corridor. A newly formed task force will begin taking the steps necessary to nurture this great economic asset within our own back yard.
The economic impact of the marine industry in Palm Beach County is already well established. Our goal is to focus on this industry as a natural resource for economic stimulation by creating a designated marine industry cluster along the Broadway Corridor spanning the Port of Palm Beach . The following statistics provide the basis for growing an already existing economic resource.
The marine industry has an annual direct economic impact of $1.35 billion in Palm Beach County , a 112 percent increase since 1999. The marine industry provides more than 20,000 jobs in Palm Beach County with a total annual payroll in excess of $682 million. Many marine business are family owned and have been in Palm Beach County for generations. The boating industry contributes more to the economy of Florida than citrus. It's nearly twice as large as the citrus industry in the state. Statewide, the boating industry contributes $18.4 billion annually to the state's economy, nearly twice that of the citrus industry. Registered boaters in Palm Beach County number more than 40,000, with many other boaters traveling to our state on a seasonal basis. Palm Beach County boasts 47 miles on Intracoastal waterway and has the unique ability to accommodate the world’s largest mega-yachts. Palm Beach County ’s ocean access is closer to the Gulf Stream than any other location in South Florida . There are currently 3600 super yachts world-wide in excess of 80 feet in length with another 1000 under construction. Rybovich Marina, a 1.2 billion dollar facility located in West Palm Beach, is one of the only facilities in the world equipped to accommodate these yachts for maintenance and servicing. Each of these yachts spends approximately $100,000 while in dock. Rybovich Marina has already scheduled bookings for over 250 yachts during the next four years. They currently have expansion plans for an additional 20 acre facility in Riviera Beach . The average tradesman employed by Rybovich earns over $50,000 per year. The Lockheed Martin facility in Riviera Beach is dedicated to supporting local business. Over 85% of their suppliers are locally owned.
The Palm Beach Boat Show, presented by the Marine Industries Association of Palm Beach County for 23 years now, also plays an important in the area's economy. It is the 5th largest boat show in the U.S. and in the top 10 worldwide. According to a study conducted in association with the University of Florida , the Palm Beach Boat Show annually gives the local economy a $15 million boost and adds $59.2 million to the economy statewide. Contributors include annual sales at the Palm Beach Boat Show topping $78 million, with $58.3 million by Florida companies and $13.9 million in sales by Palm Beach County based companies. Additional income to the state and local economy is derived from local and state taxes, personal income generated by boat show employees and $20.3 million associated with economy activity related to attending the Palm Beach Boat Show, such as hotels, restaurants and other associated travel and tourism businesses.
The $1.35 billion direct annual income is generated by:
- $2.1 million in gross business volume
- $751 million in personal income
- $436 million in boat slips
- $78.4 million in marinas and boatyards
- 19,928 jobs
Contributing to more than half of the county's economic impact, the service sector of the marine industry generated in excess of $1 billion in business sales, $369 in personal income and 9,885 jobs to date this year. Manufacturing activities provided for the second largest contributing factor with more than $320 million in sales, $100 million in personal income and 2,490 jobs. The current market value of a boat slip in Palm Beach County is $94,235, an increase of 204 percent from the 1999 study. Applying this average to the 4,633 boat slips in Palm Beach County results in an overall total of $436 million in boat slips in the county. Marines and boatyards equal a combined appraised value of $78.4 million in Palm Beach County .
Other marine related business sectors include:
Service Activities $487.1 million Retail Trade $269.0 million Wholesale Trade $266.2 million Manufacturing $154.8 million Used Boat Sales $117.2 million Construction
$4.1 million Finance Activities $487.1 million Transportation