The U.S. Marine Economy Sees Continued Growth

The American marine economy continues to show strength in 2022, with the latest Marine Economy Satellite Account (MESA) statistics revealing a significant $476 billion in economic impact and support for 2.4 million jobs. Released by NOAA and the Bureau of Economic Analysis (BEA), both Department of Commerce agencies, these statistics demonstrate the vital role the marine sector plays in the nation’s economy, comprising nearly 2% of the GDP and generating $777 billion in sales.
Key contributors to the GDP included tourism and recreation, national defense and public administration, and offshore minerals. Sectors that experienced the most growth in sales for 2022 were ship and boat building, coastal tourism and recreation, and marine transportation and warehousing.
For the first time, MESA’s report included data on wind energy and alternative power generation, shedding light on the significance of offshore wind industry to the economy. Sales from wind farm construction totaled $161 million, with alternative power generation contributing $10 million.
NOAA’s National Ocean Service Assistant Administrator, Nicole LeBoeuf, emphasized the importance of supporting and bolstering the marine sector, recognizing its wide-reaching impact on the nation’s economic landscape. NOAA Chief Economist Monica Grasso, Ph.D., called for investment in restoration and sustainability to ensure a thriving and resilient marine economy that uplifts communities and propels the nation forward. U.S. Secretary of Commerce Gina Raimondo highlighted the commitment of the Biden-Harris Administration and the Department of Commerce to enhancing the marine economy and fostering growth for communities and ecosystems.