Rhode Island marine industry has outsized impact on state’s economy - Trade Only Today

Rhode Island marine industry has outsized impact on state’s economy

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The Rhode Island marine industry accounts for about 13 percent of the state’s economic output, according to a study. The Economic Impact of Rhode Island’s Marine Trades Sector study found that 1,712 marine trade firms had $2.65 billion in gross sales in 2016, with about $2.64 billion in economic output.

The state’s marine industry accounted for 13,337 jobs, or about 4.7 percent of the state’s overall job numbers in 2016. As a group, marine services and supplies accounted for the highest economic output, with 2016 sales of $583.6 million, or about 25 percent of total sales. Marinas, docks and yacht clubs were next, with $376.43 million; charter and cruise services were third, with $336.24 million.

Boatbuilders accounted for about $264.4 million. The study noted 21 builders that use only composites accounted for $100.25 million of annual sales.

The study was produced by professors and graduate students at the University of Rhode Island, as well as RIMTA executive Susan Daly and the Rhode Island Composites Alliance. 

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