Marine economy navigates beyond Covid-19 slowdown in 2022

The so-called Blue Economy, composed of 10 marine- and ocean-sector industries, continued to grow despite the disruptions caused by the Covid-19 pandemic. According to recent statistics released by NOAA and the Bureau of Economic Affairs, marine activities accounted for $476 billion in economic impact in 2022 and generated $777 billion in sales. This represented a 1.8 percent increase from 2021, with marine sector employment also increasing by 5 percent to 2.4 million jobs, outpacing the national economy.

Despite these overall gains, the marine living resources sector, which includes commercial seafood harvest, processing and sales, aquaculture, and marine-based pharmaceuticals, was down by 6.7 percent from 2021, totaling $31 billion. However, this figure was still higher than levels seen in 2020.

In response to these findings, NOAA Administrator Rick Spinrad emphasized the importance of the Blue Economy to American prosperity in a statement on Friday. He highlighted how the ocean and Great Lakes play a crucial role in the overall health of the U.S. economy and impact people’s lives in various ways.