Marinas
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 3,500 marinas in the US operate docking and storage facilities for water craft and offer boating-related goods and services. Most companies offer both temporary (overnight, daily) and long-term (annual, seasonal) rentals. Many marinas provide maintenance and repair services for boats. Companies may sell fuel, marine supplies, meals and beverages, and sports and recreational equipment. Some marinas offer boat rentals or sell boats.
Seasonality And Weather
Boating is a seasonal activity, particularly in markets with long winter periods.
Dependent On Boating Industry And Economy
Because boating is a recreational activity, demand for marina services is vulnerable to changes in the economy and the corresponding effect on the boating industry, particularly new boat sales.
Industry size & Structure
The average private marina operates out of a single location, employs 8-9 workers, and generates $1.8 million annually.
- The marina industry consists of about 3,500 companies that employ 28,500 workers and generate $6.4 billion annually.
- Marina may be privately-owned, or associated with municipalities or cooperative entities (home owners associations, condominiums, yacht clubs).
- The industry is highly fragmented; the top 50 firms account for about 19% of industry sales. The vast majority of marinas are independently owned and operated.
- Marina Del Rey, CA has one of the world's largest man-made marinas with over 4,600 boat slips.
Industry Forecast
Marinas Industry Growth
Recent Developments
Jan 10, 2025 - Employment Down, Services Index Higher
- Employment by marinas fell nearly 2% in October 2024 year over year, according to the Bureau of Labor Statistics (BLS). Meanwhile, labor costs have increased as companies compete for workers in a tight job market. Wages for nonsupervisory employees at marinas rose 7% in October 2024 year over year, reaching an average of $25.90 per hour, per the BLS. In December 2024, economic activity in the services sector expanded for the sixth consecutive month, according to the Services ISM Report on Business. The Services PMI registered 54.1% in December, up 2 percentage points from November. Nine of the 18 services industries reported growth in December, including the Arts, Entertainment & Recreation; Retail Trade; and Wholesale Trade industries.
- New-boat registrations were down in September 2024, though the curve has leveled somewhat, according to a recent report in Trade Only Today. Registrations for all seven segments totaled 232,731 in September on a rolling, 12-month basis, compared with 263,341 for the same period in 2023. The 15-foot-and-over US powerboat market fell by 9.2% in September year over year, compared to a 11.7% decline in August year over year. Major declines also came in the pontoon (down 17.2% in September year over year), cruiser/yacht (down 18% in September), and saltwater fishboat (down 15.9% in September) categories. States with the highest new-boat registrations in September on a rolling, 12-month basis were Florida, Texas, Michigan, Minnesota, and Wisconsin, although all saw declines during the same period. Data for the new-boat registrations was provided by Florida-based data provider Info-Link.
- Marina operators will have to monitor minimum wage changes in 2025, as 21 states and 50 local jurisdictions increased their minimum wages, according to Chain Store Age. States with the highest minimum wage in the US are Washington ($16.66 per hour), California ($16.50), and New York ($16.50). Nearly 30 cities in California and seven towns in Washington will raise minimum wages in 2025, with Tukwila, Washington, offering the highest minimum hourly wage in the US at $21.10. According to the Economic Policy Institute, the minimum wage change will affect more than $9 million workers and raise pay by a combined $5.7 billion. Unchanged since 2009, the federal minimum wage is $7.25 an hour, and some 20 states, primarily located in the South and the Midwest, use the federal minimum as their wage floor.
- The US marinas industry is projected to grow at a CAGR of 4.8% between 2024 and 2028, according to a forecast from Inforum and the Interindustry Economic Research Fund, Inc. The expected growth rate is faster than the overall economy‘s anticipated growth. The report noted that consumer confidence is expected to improve in the forecast period, which bodes well for the arts, entertainment, and recreation industries. Factors that continue to limit consumer spending are lower consumer sentiment levels, higher interest levels, and elevated price levels. Price growth, however, is diminishing and likely to stabilize soon near intended rates. According to the forecast, the industry may want to focus on services that serve older people. The Baby Boom generation’s retirement is expected to drive demand for many arts, entertainment, and recreational activities.
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