New Report Details Profitability, Growth of Marine Economy | The Cape Cod Times

Marine research and education accounts for $3 billion of the U.S. marine economy, the report found.

WOODS HOLE — The National Oceanic and Atmospheric Administration unveiled a report Tuesday that showed the marine economy accounted for nearly $373 billion added to the nation’s gross domestic product in 2018, and that it grew faster during the study years of 2014 to 2018 than the total U.S. output.

“It proves with hard numbers what we have known all along, that the marine economy is vital to the U.S.,” Nicole LeBoeuf, acting director of NOAA’s National Ocean Service, said at a telephone press conference Tuesday.

Produced by NOAA in conjunction with the federal Bureau of Economic Analysis, the report mined data for marine-related industries as a first step in measuring the ocean’s role in the U.S. economy.

“Our coasts and our waters are primary drivers of jobs and economic growth,” LeBoeuf said.

Speakers at the press conference said the report was the first detailed analysis of the marine economy. It showed ocean industries ranked 14th out of the top 20 contributors to gross domestic product, above mining, power utilities, arts and entertainment and agriculture, among others. It was 16th in terms of employment, with wages and benefits of $161.9 billion across 2.3 million workers. Read more of the article here.

Source: New report details profitability, growth of marine economy – News – capecodtimes.com – Hyannis, MA