NMMA: Survey details Gulf oil spill’s fallout - Trade Only Today

NMMA: Survey details Gulf oil spill’s fallout

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The National Marine Manufacturers Association recently surveyed its members about the effects of the BP oil spill and found that three out of five recreational marine manufacturers have been affected.

The NMMA surveyed 178 member chief executives from late June through July.

"Results from this member survey offer a timely and realistic picture of how the oil spill has had, and likely will continue to have, a negative impact on recreational marine manufacturers," NMMA president Thom Dammrich said in a statement. "The effects of this spill, both real and anticipated, are being felt by more than half of the manufacturing businesses in our industry."

Survey findings include:

* Nearly four out of five surveyed companies anticipate some effect on their business from the spill through the remainder of the year.

* 76 percent of surveyed companies had predicted sales growth in 2010 prior to the spill.

* 70 percent of surveyed companies have downwardly revised their 2010 sales projection as a direct result of the spill.

* 64 percent of surveyed companies downwardly revised their projections by 5 to 20 percent.

* 68 percent of surveyed companies were told that a cancellation was directly attributable to the spill.

Click here to view the survey results.

"An estimated 11 percent of total U.S. new marine products are sold within the areas of the Gulf Coast affected by the oil spill," Dammrich noted. "Findings from our survey point to a widespread effect on marine manufacturers, both in and beyond the Gulf Coast. While not an insurmountable setback as our industry awaits recovery from the economic recession, the oil spill's long-term impact on marine businesses in the Gulf - and nationally - is yet to be determined."

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