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Funding granted for economic analysis of outdoor recreation - Trade Only Today

Funding granted for economic analysis of outdoor recreation

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The Bureau of Economic Analysis said in February that outdoor recreational contributes 2 percent to the U.S. GDP.

The Bureau of Economic Analysis said in February that outdoor recreational contributes 2 percent to the U.S. GDP.

The U.S. government has approved funding needed for the Outdoor Recreational Satellite Account to study the economic impact of outdoor recreational in the coming year.

The U.S. Senate Appropriations Committee last week included funding for the Department of Commerce’s Bureau of Economic Analysis ORSA in its Fiscal Year 2019 Commerce, Justice, and Science bill.

Lawmakers set funding at $1.5 million, meeting the funding levels necessary to survey the economic impact of the outdoor recreation industry in the coming fiscal year.

“We are grateful to subcommittee chairman Jerry Moran and ranking member Jeanne Shaheen for including this critically important funding,” said National Marine Manufacturers Association president and ORR chair Thom Dammrich in a statement.

“The outdoor recreation industry has long known the significant impact we have on the overall U.S. economy, but it wasn’t until BEA released its findings earlier this year that our impact was formally recognized by the government,” said Dammrich. “Funding ORSA for FY2019 will ensure that we can build on the progress made in 2018 by studying the industry’s economic impact at the national and regional levels and demonstrating that outdoor recreation deserves to be a national priority.”

The BEA, which is the government body responsible for calculating U.S. GDP, launched ORSA in 2017 to complement its overall statistical analysis by providing detailed insights into the economic impact of the outdoor recreation industry.

The industry had previously not been included in U.S. GDP calculations despite years of calls to do so by industry leaders.

In February, ORSA released its highly-anticipated initial statistical findings on the outdoor recreation industry, showing the sector makes up 2 percent of U.S. GDP and accounts for $673 billion in annual gross domestic output.

This impact exceeds that of key U.S. industries such as farming and computer manufacturing.

In addition, ORSA found the outdoor recreation economy grew by 3.8 percent in 2016, outpacing the 2.8 percent growth of the overall U.S. economy during the same period.

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