NOAA Reports 2011 Ocean, Great Lakes Economy Data

Posted by Nicole Ventimiglia
Tuesday, July 01, 2014

NOAA’s newest output includes a feature on economics. The National Ocean Watch site features facts, charts, story maps and videos. It turns out that our maritime economy – commercial, recreational and everything in between – really matters.

In 2011, the U.S. Ocean and Great Lakes economy produced $282 billion in goods and services and employed 2.2 percent of the nation’s workers—that’s more than twice the percentage of workers in the U.S. agriculture industry. This fact and many others are featured in a 2011 data summary from Economics: National Ocean Watch (ENOW), a product of the National Oceanic and Atmospheric Administration (NOAA) Coastal Services Center.
ENOW’s annual time-series data highlight six economic sectors and cover roughly 400 coastal counties, 30 coastal states, eight regions, and the nation, using data derived from the federal Bureau of Labor Statistics and Bureau of Economic Analysis. Although the data collection lags a bit (2011 vs. 2014), the success story of the 2011 ocean and Great Lakes economy has hundreds of important chapters, and here are just a few:

  • From 2010 to 2011, the ocean and Great Lakes economy gained 67,000 jobs—an increase in employment of 2.4 percent, which was twice the job-growth rate as in the U.S. economy as a whole.
  • Alabama, Delaware, New Hampshire, and Texas experienced the highest rates of employment growth.
  • The tourism and recreation sector accounted for 70 percent of employees but averaged the lowest wages of the six sectors represented.
  • Self-employed workers held half the jobs in the living resources sector.

 
ENOW data and tools have been used in many other ways—for instance, to develop baseline economic profiles for 70 East Coast communities and to plan for coastal hazards in Florida. The ocean and Great Lakes economy falls into the six broad sectors shown below. In 2011, two sectors accounted for a large piece of the economic pie: the tourism and recreation sector accounted for 70 percent of employment while offshore mineral extraction contributed 37 percent to the total gross domestic product (GDP) of the ocean and Great Lakes economy.
From 2010 to 2011, real GDP grew by 2.7 percent, faster than the U.S. economy as a whole (1.6 percent). Offshore mineral extraction employment grew the fastest of all sectors, with an increase of 6.2 percent. However, ship and boat building grew the fastest in terms of real GDP, with an increase of 19.7 percent. Indeed, four of the ocean economy’s six sectors paid wages that were higher than the national average. The two exceptions—tourism and recreation and living resources—are characterized by seasonal and part-time employment. The tourism and recreation sector paid the lowest average wages but provided many part-time and entry-level jobs for young workers and students. In 2011, California, Texas, Florida, and New York accounted for about half the total employment and half the total GDP in the U.S. Ocean and Great Lakes economy. New Hampshire, Delaware, Alabama, and Texas had the highest rates of growth in employment.
The data regarding states with the highest employment in each of the ocean sectors is telling: Offshore mineral extraction and marine construction activities are highly concentrated in the Gulf of Mexico, with Texas and Louisiana accounting for three-fourths of the nation’s employment in this ocean sector.
The ocean and Great Lakes economy accounts for an additional 132,000 self-employed workers, and these workers received total receipts of $8.0 billion in 2011. In the living resources sector, about 120,000 workers accounted for all the seafood produced in the U.S. Half of these workers (and most fishermen) were self-employed workers. Employment in the living resources sector is concentrated in activities associated with processing and marketing seafood. And, at the end of the day, this means workboats and brown water activities.



(As published in the July 2014 edition of Marine News - http://magazines.marinelink.com/Magazines/MaritimeNews)

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

News

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Government Update

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Great Lakes

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

New Research Vessel Delivered on the Great Lakes

The new oceanographic research and fisheries assessment vessel, Arcticus, completed her sea trials and was delivered to the U.S. Geological Survey's Great Lakes Science Center on October 17.

Port of Cleveland Approves Refinancing

The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects,

 
 
Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2126 sec (5 req/sec)