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Rising tide: report: boat industry helps N.H. economy stay afloat.

Those boats, parked in a driveway or tied to a pier, make a big splash in the state's economy--a $760.7 million splash to be precise, if you count the ripple effect, according to a report released last week by the National Marine Manufacturers Association.

According to the association, some 77,500 boats in the state support more than 6,000 jobs and 256 businesses in New Hampshire. Nationally, the industry claims credit for 964,000 jobs and 35,000 businesses.

The association said people spend about $321 million on their boats in the Granite State, and that spending directly leaves about the same amount of indirect economic activity in its wake. Nationally, $83 billion in spending results in an economic value of $121 billion, according to the report. The industry anticipates sales will grow by 5 percent in 2013.

"New boat sales have historically been a barometer for the U.S. economy, and the steady sales increases we're seeing are being reinforced by the slow uptick in consumer confidence, housing and spending," said Thom Dammrich, president of the association.

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Title Annotation:New Hampshire
Author:Sanders, Bob
Publication:New Hampshire Business Review
Article Type:Brief article
Geographic Code:1U1NH
Date:Jun 28, 2013
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