The Miami International Boat Show is a renowned annual event that showcases the latest in marine technology, innovation, and luxury. Beyond its popularity among boating enthusiasts, the show has a significant economic impact on the state of Florida, generating millions in revenue, creating thousands of jobs, and contributing to the overall prosperity of the region.
What is the Estimated Economic Impact of the Miami Boat Show?
The 2022 Discover Boating Miami International Boat Show generated an estimated $955.6 million in economic impact throughout the state of Florida. This figure is a testament to the show’s ability to attract visitors, exhibitors, and businesses from around the world, all of whom contribute to the local economy.
In 2024, the show’s estimated economic impact is expected to exceed $1.3 billion, further solidifying its status as a major economic driver for the state.
How Many Jobs Does the Miami Boat Show Create?
The 2022 Miami Boat Show created over 5,000 full-time and part-time jobs in Florida, with a statewide personal income impact output of $315 million. The show supports 5,700 jobs and $289 million in labor income in the Sunshine State.
These figures highlight the significant role the boat show plays in providing employment opportunities and generating income for Florida residents, contributing to the overall economic well-being of the state.
What is the Value-Added Economic Impact of the Miami Boat Show?
The total estimated sales for exhibitors during the 2022 Boat Show reached $642 million. This figure represents the direct revenue generated by the event, as businesses and vendors showcase their products and services to the thousands of attendees.
In addition, the complete sales and local taxes generated statewide because of the Boat Show were estimated at $49.07 million. This tax revenue helps to fund important public services and infrastructure, further contributing to the economic development of the region.
The show also generates $53 million in visitor spending, as attendees from across the country and around the world flock to Miami to experience the event. This influx of visitors supports local businesses, such as hotels, restaurants, and transportation services, creating a ripple effect throughout the local economy.
What are the Key Findings on the Economic Impact of the Miami Boat Show?
The key findings on the economic impact of the Miami Boat Show can be summarized as follows:
-
Estimated Economic Impact: The 2022 Discover Boating Miami International Boat Show generated an estimated $955.6 million in economic impact throughout the state of Florida, with the 2024 show expected to exceed $1.3 billion.
-
Job Creation: The 2022 show created over 5,000 full-time and part-time jobs in Florida, with a statewide personal income impact output of $315 million. The show supports 5,700 jobs and $289 million in labor income in the Sunshine State.
-
Value-Added Economic Impact: The total estimated sales for exhibitors during the 2022 Boat Show reached $642 million, with complete sales and local taxes generated statewide estimated at $49.07 million. The show also generates $53 million in visitor spending.
These figures demonstrate the substantial economic benefits the Miami International Boat Show brings to the state of Florida, including significant job creation, sales, and tax revenue.
Conclusion
The Miami International Boat Show is more than just a premier event for boating enthusiasts; it is a significant economic driver for the state of Florida. The show’s ability to generate millions in revenue, create thousands of jobs, and contribute to the overall prosperity of the region is a testament to its importance and the value it brings to the local economy.
As the show continues to grow and evolve, it is likely that its economic impact will only increase, further solidifying its status as a vital component of Florida’s economic landscape.
Reference:
1. https://sfbwmag.com/miami-international-boat-show-generated-over-955-million-in-2022/
2. https://caplinnews.fiu.edu/discover-boating-miami-international-boat-show-florida-economy/
3. https://b2b.discoverboating.com/pressroom/pressrelease.aspx?id=24050
