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
Sep 18, 2024 - Labor Costs Higher as Employment Declines
- Employment by marinas fell 2.9% in July 2024 year over year, continuing a downward trend for the first half of the 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 9.9% in July 2024 year over year, reaching an average of $23.55 per hour, per the BLS. Wages are almost 35% higher than they were before the pandemic. Personal consumption expenditures rose 2.6% in June year over year and were up 0.2% from the previous month, according to the Bureau of Economic Analysis.
- Changes in the marina industry post Covid-19 have included a new wave of younger boaters, higher demand for maintenance and repairs, and a greater share of high-end boats, according to a report in Marina Dock Age. Rick Chapman, chairman of the Association of Marina Industries and general manager of Sunnyside Marina, said one of the opportunities and challenges of the post-pandemic era was a new era of boat owners not interested in doing their own maintenance. “Today we’re full of very high-end cruisers, starting at 50 feet, and the boat owners have no interest in DIY. The change happened slowly, but it’s amazing where we are. The demands on our time and skill are so much higher. So much more is expected,” Chapman said. The demand for more services has revealed a lack of marine technicians and marina personnel, and the marina industry has had to be creative and nimble in finding new talent. Another trend has been the expansion of corporate-run marinas, bringing changes to how marinas operate and look, as well as a steady stream of funding, per Chapman.
- Leading marina owner Suntex Marina continued its growth in mid-2023 with several large purchases, according to Marina Dock Age. Suntex acquired four marinas in Oakland, California, in a merger with Almar Marinas in June 2024. Suntex added to its Northeast holdings with its March purchase of the Lighthouse Port Marina and Yacht Club in Tom’s River, New Jersey. In April 2024, Suntex established a joint venture with Centerbridge Partners to buy more than $1.2 billion in new marinas around the US. According to William Rahm, chairman of Suntex and global head of real estate for Centerbridge Partners, “The marina industry has shown consistently strong fundamentals for many years, as enthusiasts have invested in more and bigger boats while the availability of high-quality marinas and boat storage remains scarce.” Suntex Marina Investors is the largest standalone marina owner in the US, based on marina count and boat slips.
- The US marinas industry is projected to grow at a CAGR of 4.5% 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 projected growth. The report noted that consumer confidence levels in the forecast period are expected to improve, which bodes well for the arts, entertainment, and recreation industries. Additionally, consumer sentiment has seen a degree of improvement following sustained lower levels. As noted in the report, many older workers retired in recent years rather than endure pandemic-era employment challenges. The retirement population is expected to continue to rise rapidly as the Baby Boom generation retires. Per the forecast, "Greater opportunity for leisure for this large and growing segment of the population could drive demand for many arts, entertainment, and various recreational activities, particularly those that serve older people."
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.