ITR Economics: Boatbuilding Will Be Constrained Until Next Year

Publish date:
ITR -manufacturing

Growth in boatbuilding production is expected to be constrained through 2020 and into the first quarter of 2021, turn up in mid-2021, and hold steady through 2023, according to the latest Forecast on U.S. Boat Building Production from ITR Economics.

The firm upwardly revised its June boatbuilding forecast to reflect new data from the Federal Reserve showing boatbuilding production will increase in the third quarter of 2021 in response to a surge in demand, according to the National Marine Manufacturers Association.

ITR Economics said in the report that it is potentially underestimating the impact of positive consumer trends in the marine sector, and that a second stimulus bill, if passed, would add to this upside potential.

“Reopening reversals in selected states, were they to broaden to include manufacturing-site shutdowns, pose a downside threat to the forecast,” the firm said.

“Boat shipments through September are at about 90 percent of where they were a year ago due to a halt in production at the onset of Covid-19 and now pandemic-related supply chain constraints,” said Vicky Yu, senior director of business intelligence for NMMA, in a statement.

“As those constraints are lifted, we should see a healthy pickup on boat building production as manufacturers work through their backlogs to fulfill new boat orders rising from the uptick in retail sales over the summer,” said Yu.

NMMA members can view the full October 2020 report for additional detail here.


Wholesale Shipments Drop in September

NMMA: Easing supply chain constraints should enable more manufacturers to build boats.

Dealers: What’s Your 2021 Retail Outlook?

The monthly Pulse Report asks marine retailers to weigh in on November market conditions.

2020 On Track for More Than 300,000 Boat Registrations

It’s the highest number since 2007, when there were almost 400,000 boats registered for the year.

A United Industry Voice Impacts Summer Sales

The comprehensive collective effort of the Get on Board campaign was a key factor in generating boatloads of new customers.

Boating Writer Scholarship Now Open

The BWI Active Interest Media Boating Journalist Scholarship is now accepting applications through January 15. College students are encouraged to apply for the $3,000 scholarship.

Quick Hits: November 24, 2020

Bluewater Yacht Sales expands; ICOMIA issues yacht coatings guide; and Elcome expands forecasting services.

Iris Innovations Launches Garmin OneHelm Compatible Camera and Alarm Management System

The UK-based company’s new products allow users to manage all onboard cameras and alarms via Garmin MFDs.