June 8, 2021

The first official Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show that the marine economy accounted for 1.9 percent, or $397 billion, of current-dollar U.S. gross domestic product in 2019.

The new statistics show that inflation-adjusted (real) GDP for the marine economy grew 4.2 percent in 2019, faster than the 2.2 percent growth for the overall U.S. economy. Real gross output, compensation, and employment also all grew faster in the marine economy than in the overall economy in 2019.

Growth in Marine Economy Compared with Growth in the U.S. Economy

This official release updates BEA’s prototype estimates of current-dollar gross output, value added, employment, and compensation for the marine economy from 2014-2018, released last year. It also introduces inflation-adjusted (real) estimates of gross output and value added (GDP) by both industry and activity for the marine economy.

The statistics released today are updated to include refinements in methodology and presentation incorporated by BEA after receiving public feedback to the prototype statistics released June 2, 2020. The Marine Economy Satellite Account is the latest addition in a series of satellite accounts complementing BEA’s statistics. These satellite accounts do not change BEA’s core statistics, such as GDP. They provide greater detail and allow closer analysis of a specific area of the economy by extracting information embedded in the core economic statistics.
Marine Economy by Activity

In the Marine Economy Satellite Account, gross output—principally a measure of sales or receipts associated with the marine economy—is presented both by industry and by marine economy activity. Marine economy activities fall into ten general categories. In 2019, tourism and recreation (including activities such as coastal trips and travel, offshore boating, and offshore recreational fishing) accounted for 35.3 percent of marine economy gross output; national defense and public administration accounted for 27.1 percent; and minerals, offshore (including offshore oil and gas), accounted for 14.0 percent.
Gross Output for Largest Marine Economy Acts June8
  • Tourism and recreation was the largest marine economy activity in 2019, accounting for $234.9 billion of gross output.
  • Nonrecreational ship and boat building accounted for $31.2 billion of gross output in 2019. This activity increased $8.5 billion (37.2 percent) from the previous year, making it one of the fastest growing marine economy activities.
  • Marine transportation and warehousing accounted for $63.8 billion, or 9.6 percent, of gross output in 2019.

For more information, read the full release