Marinas NAICS 713930

May 6, 2025 - Faster Growth Forecast

• The US marinas industry is projected to grow at a CAGR of 4.53% between 2025 and 2029, 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. Spending by US households and tourists, foreign students, and other visitors largely drives the arts, entertainment, and recreation industries. Consumer confidence is expected to improve in the forecast period, which bodes well for the sector. A factor that may curb consumer spending is substantially higher tariffs on consumer goods, which may be painful for households. On a positive note, lower inflation supports a moderate increase of real disposable income by about 2% in 2025 and 1.9% in 2026. Real income could suffer if average prices rise due to tariff implementation.
• According to a recent Boston Globe report, a tariff war and political tensions could negatively affect marinas that often see many Canadian tourists. Businesses on Lake Champlain in Burlington, Vermont, including marinas, expressed concerns that Canadians will bypass their normal summer visits to the US during Vermont’s brief but busy boating season. The report states that Canadians represent about 5% of Vermont’s visitors, with up to 30% in northern regions, representing a key part of the state’s $4 billion tourism economy. The Canadian government reports that the number of road trips to the US in March 2025 dropped by 32% compared to a year ago, marking the third consecutive month of year-over-year declines. Many business owners said the region started seeing tourism recover following the pandemic when non-essential border travel was restricted. One Lake Champlain marina owner said that at summer’s peak, most of the marina’s 52 moorings are typically occupied by Canadian vessels. He said he has already seen a significant drop in Canadian requests for the summer.

• According to the 2024 Marina Dock Age Annual Marina/Boatyard Trends Survey, 84% of respondents said expenses increased for the year citing insurance costs (up 85%), utilities (up 71%), and staff costs (up 70%). Expenses that owners have more control over like training, marketing, and inventory tended to hold steady. Marinas and boatyards mostly passed the increases along to customers, with 70% raising slip fees and 60% raising service rates. Other segments that showed higher revenues for 2024 were dry storage, boat repair/maintenance, fuel, transient slips, and haul out. Segments posting revenue decreases included new boat sales, used boat sales, and tour boat/chartered/water taxi. Fewer respondents reported an increase in gross profits, with 44% seeing an increase in profits (compared to 64% in 2023), and 22% citing a profit loss. The survey was open from November 2024 to February 2025 and provides operations and trends results for an expanded view of the marina/boatyard industry.
• The number of new boaters who sold their boat within four years rose slightly in 2024, and anecdotal evidence shows consumer cost pressures are a factor in leaving the sport, according to a report in Trade Only Today. Marinas may see less usage if there is a decline in the number of active boaters. According to data from Info-Link Technologies for Soundings Trade Only, the share of new-boat buyers who sold their boat after four years was about 24% in 2024, higher than the industry average of 20%. The source noted that the boating industry had a surge of buyers during the pandemic, so while the share of boat owners leaving the sport has increased, the number of buyers was also higher than average. A combination of factors may be weighing on consumers, including high prices from inflation causing a reduction in discretionary spending, an increased feeling of anxiety, and a sense of being time-crunched that prevents people from taking their boats out. Industry experts also indicated that boat usage overall also seems to be falling. According to Matt Gruhn, president of the Marine Retailers Association of the Americas, “There appears to be a decline in boat usage. The dealers are talking about it, that throughout all the ups and downs of our industry, boat usage has largely stayed the same. They have this anecdotal evidence that the boat ramps aren’t as busy. The waterways aren’t as busy. There’s no data, but it seems like there’s some kind of a decline.”