British Marine Federation Announces £6.2 Billion Impact of Marine Industry

Hit hard by the downturn, the leisure market is now improving steadily and new build activity is seeing uplift over the last six months ago compared to last year.

In the superyacht and small commercial sectors, both of which are still performing ahead of the leisure sector overall, the most significant improvement is being seen in the aftermarket/ refit markets.

The full economic impact of the UK marine industry and spend associated with boating participation was estimated to total £6.2 billion in 2012/13, according to a new report released by the British Marine Federation (BMF). 

In addition, the BMF’s Economic Benefits of the UK Boating Industry also revealed expenditures are estimated to support approximately 141,000 full time (FTE) jobs and more than £5.3 billion of Gross Value Added (GVA) in the UK economy, taking into account all direct and indirect effects.

Latest industry trends results also announced by the BMF show encouraging signs of an upward trend for this key contributor to the UK economy. 

The two reports are announced in a week when the UK leisure, superyacht and small commercial marine industry came together at the BMF’s annual conference in Liverpool. 

According to the BMF’s Industry Trends Report (November 2013 – May 2014) the sector is healthier than a year ago and future expectations for the marine industry are also more promising.  Almost half of the respondents have experienced an increase in overall marine business activity over the last six months and profit levels are now reporting the most positive trend since pre recession.

Howard Pridding, Chief Executive of the British Marine Federation, said: “This economic benefits report now completes the picture and we can appreciate the full economic impact of the marine industry; £6.2 billion is a significant total.  It’s also great news that latest indicators from our members really do show that the industry is moving forward”