Skip to main content

Newport Bermuda Race releases economic impact study

The Bermuda Race Organizing Committee released the results of an economic impact study that shows the 2012 edition of the biennial Newport Bermuda Race generated an estimated $20.8 million in local expenditures for Newport and Bermuda.

The world-famous ocean race is run jointly by the Cruising Club of America and the Royal Bermuda Yacht Club, members of which comprise the organizing committee that oversees the event.

The committee commissioned the market research firm Bonnier Custom Insights to conduct an online survey among 2012 race participants to determine the economic impact of the race.

The race began on June 15, 2012 in Newport, R.I., with 164 sailing yachts racing 635 miles from Newport to the islands of Bermuda; 156 yachts completed the course and were scored as finishing in Bermuda. The survey asked race participants to estimate boat expenditures in both locations for race preparation, fuel, dockage, provisioning, repairs, equipment and supplies, as well as personal expenditures in both Newport and Bermuda for local travel costs, including accommodations, dining out, local transportation, activities, shopping, gifts and souvenirs. The survey was performed in February and March.

The average expenditure per boat in Newport before the race was $12,255, or an estimated total of slightly more than $2 million spent locally by the fleet to prepare for the race. Race preparation and boat expenditures included berthing in Newport, new gear and equipment, repairs and cleaning/hauling, if needed, fuel and provisions.

Crewmembers reported significant spending personally in Newport for lodging, food, shopping and local transport, which tallied an impressive $7.1 million overall when calculated using an average of 10 crewmembers per boat. The combined investment in Newport’s local economy added up to $9.1 million on boats, race preparation and local travel/hospitality.

Spending on boats in Bermuda was estimated at $6,515 a boat, or a total of slightly more than $1 million. Personal spending was higher at the race’s destination, adding up to $10.7 million in Bermuda for all race participants combined. Total expenditures in Bermuda on boats and personal travel/hospitality by the 2012 Newport Bermuda fleet came to an estimated $11.7 million.

“This survey clearly demonstrates the significant economic benefit which the Newport Bermuda Race delivers to both Newport and Bermuda,” race chairman Fred Deichmann said in a statement. “It also confirms the popularity of these great destinations with Bermuda Race participants, their friends and families.”

Click here for the full release.

Related

norm

Tune Out the Negative

We’re selling the No. 1 family fun experience, and Memorial Day weekend is upon us, so don’t get consumed in a downward spiral. Meanwhile, the Coast Guard is reminding boaters to avoid E15 this summer.

1_DAVIVOYAGE

Italian Skipper Completes RIB Voyage for the Environment

In collaboration with Suzuki Marine, Sergio Davi covered 10,000 miles aboard the 38-footer with twin DF300B outboards to raise awareness about protecting ocean ecosystems.

1_MARINAGAS

Boaters Face Record-High Fuel Costs

Here’s a sampling of gasoline and diesel prices at the fuel dock heading into Memorial Day weekend.

1_WELLCRAFT

Wellcraft Launches 355 Power Cruiser

The new boat is a departure for the storied builder, known most recently for its center console fishing boats.

1_BOOT

Registration Open for Boot Düsseldorf 2023

Organizers encourage reserving space early, as interest for the Jan. 21-29 boat show is high.

1_HURRICANESEASON

NOAA Forecasts Another Busy Hurricane Season

The agency predicts that hurricane activity will be above normal for the seventh consecutive year, with 14 to 21 named storms.