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

Finance

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

News

MAN Extends High Speed Power Range

MAN announced it will present a newly developed 12-cylinder V-engine for use in working vessels at the SMM 2014 trade fair in Hamburg, Germany. The German engine

N-KOM to Build Floating Jetty for QPMC

Nakilat-Keppel Offshore & Marine (N-KOM), a joint venture shipyard established by Nakilat and Singapore’s Keppel Offshore & Marine (Keppel O&M), has secured a contract

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Government Update

Oil Products Flow to Primorsk Resumed

Russia resumed oil products shipments to Primorsk after a halt following "criminal tapping" of pipeline, a subsidiary of Russian oil pipeline monopoly Transneft said.

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

Korea Ferry Businessman's Body Located

Yoo had been target of South Korea's largest manhunt; Failure of police to catch Yoo had been burden for Park government. The body of South Korea's most wanted man,

Great Lakes

Great Lakes Towing Hosts Networking Event

The Great Lakes Towing Company hosted a WIRE-Net networking event at Great Lakes Shipyard in order to celebrate manufacturing and innovation in Cleveland and Northeast Ohio.

Volumes Up for Cleveland’s New Liner Service

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially The Port of Cleveland

US-flag Lakers’ Cargo Total Trails 2013 by 17%

U.S.-flag cargo movement on the Great Lakes stands at 27 million tons through the end of June, a decrease of 17.4 percent compared to the same point in 2013.  The

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Winch
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: 0.1158 sec (9 req/sec)