U.S. Set to Unveil First Official Marine Economy Estimate

The U.S. government is set to release its first official estimate of the value of the nation’s marine economy, also known as the “blue economy.”

NOAA and the Commerce Department’s Bureau of Economic Analysis (BEA) are set to unveil the findings next Tuesday. For the statistics, experts considered ten sectors representing businesses dependent on the nation’s oceans, coasts and Great Lakes between the years 2014 and 2019.

BEA is partnering with the National Oceanic and Atmospheric Administration (NOAA) to develop statistics to measure the role of the oceans, seaports, and Great Lakes in the U.S. economy. The “Marine Economy Satellite Account” will estimate the contribution to gross domestic product of activities such as commercial fishing, shipbuilding, transportation, and recreation. The statistics are planned to help businesses make investment and hiring decisions and aid U.S., state, and local policymakers.

NOAA in January released its Blue Economy Strategic Plan for 2021-2025, laying out a roadmap for “new ways to advance the United States’ Blue Economy and enhance a global ocean economy,” which is expected to double in value to $3 trillion over the next decade. The Strategic Plan focuses on five sectors that NOAA will advance through agency-wide initiatives including marine transportation, ocean exploration, seafood competitiveness, tourism and recreation, and coastal resilience.

Subscribe for Daily Maritime Insights

Sign up for gCaptain’s newsletter and never miss an update

— trusted by our 107,635 members