The National Oceanic and Atmospheric Administration recently conducted a survey that found that independent marine recreational bait and tackle retail stores play a largely important role in boosting the U.S. economy.
In 2013, the first ever economic survey of independent retailers concluded that the industry contributed about $2.3 billion into the economy and provides over 16,000 jobs across the nation.
The 2015 study results were released in June and showed a clear correlation between positive economic health and a strong contribution of the bait and tackle industry. Although the industry has shown to affect coastal communities in the highest degree, the study found that these independent retailers impact the broader U.S. economy as well.
Due to the fact that the study solely focused on independent businesses as opposed to larger retail stores, only a select portion of the entire U.S. bait and tackle industry’s economic contribution. However, an estimated $854 million was generated by saltwater fishing bait and tackle, with an average of $426,000 sold per retailer.
While this study was limited to a small selection of a very large industry, economic assessments such as these will greatly aid managers and regulators with their understanding of the effect that changing conditions have on both coastal communities and recreational fisheries.
Please contact Ballast Point Yachts, Inc. for all of your boating needs. We offer yacht sales, service, insurance, financing, transport and more. Give us a call today at (619) 222-3620 x 1 and be sure to check out today’s extensive inventory of used yachts!