The Progressive Miami International Boat Show has an annual economic impact of $854.2 million, an increase of 40 percent, or $257.2 million, since the study was last conducted in 2013, according to the National Marine Manufacturers Association.
The NMMA said the increase reflects the success the show has seen at its new location on Virginia Key and its importance to Miami-Dade County and the state of Florida. The study was done by Thomas J. Murray & Associates Inc. in conjunction with the University of Florida.
“Boating and the Miami boat show are big business for Florida, bringing visitors, sales and revenue from around the world to our state each February for the five biggest days in boating,” said Miami boat show manager Larry Berryman in a statement. “We are proud to be a part of the greatest boat show in the world that delivers $854 million into Florida’s economy each year and supports full-time employment for approximately 6,000 of our fellow Floridians.”
Labor income for the 6,000 jobs totaled $289.6 million, the study showed.
As a result of the show, Florida was paid about $56.9 million in sales and excise taxes, and out-of-town visitors to the show and exhibitors spend about $53 million in the local area on hotels, restaurants, retail shops, entertainment and transportation.
Florida exhibitors alone sell about $350 million in marine products at the show each year.
For 2018, the Miami boat show, which will be held Feb. 15-19 at the Miami Marine Stadium Park & Basin, will be joined on Virginia Key by the Strictly Sail Miami show.
“The decision to combine these two popular events is due in large part to feedback from attendees, as well as sail and power exhibitors, looking for a single, streamlined experience of the best of boating,” Berryman said. “Miami Marine Stadium is the perfect venue for power and sail and bringing these two shows together will deliver the ultimate boat show experience.”