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Yachts Make Mega Economic Impact in South Florida

Fort Lauderdale International Boat Show
The Fort Lauderdale International Boat Show

Fort Lauderdale is known as the ‘Yachting Capital of the World’. A new study by Thomas J. Murray & Associates and released by the Marine Industries Association of South Florida (MIASF) and the Greater Fort Lauderdale Alliance Release confirms that the entirety of South Florida’s Palm Beach, Broward, and Miami-Dade counties earn this moniker especially when it comes to megayachts. More specifically, while the worldwide fleet of megayachts has nearly doubled since 1997, the number of these vessels in South Florida waterways has more than doubled from 800 to 1800 over the past two decades. According to the study, a median-sized mega yacht of 140-feet LOA spends more than $2 million annually and provides $146,000 in State and local taxes and $362,000 in total Federal taxes.

“It’s important that the marine industry and overall community in South Florida recognize what it owns, and that is worldwide credibility as the epicenter of yacht refit and repair, which this study confirms,” says Phil Purcell, MIASF chief executive officer and president. Going forward, “we need to concentrate our efforts on supporting the spectrum of marine businesses, from manufacturing, to sales and service, to boat yards, and implementing public policy that safeguards the continuation of these sought-after services.”

The study also confirmed that the Fort Lauderdale International Boat Show, owned by MIASF, generates an estimated $857 million in economic impact to the State of Florida annually. www.miasf.org

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