Impressive Growth
Sales within the marine sector grew by 7.5 percent in 2018 over the previous year. In comparison, the national economy grew by 6.1 percent. The following four sectors within the marine economy accounted for 89 percent of its 2017 to 2018 growth:
- Tourism and recreation – $14 billion growth
- Defense and public administration – $11.4 billion growth
- Oil and gas – $7.5 billion growth
- Shipbuilding – $5 billion growth
Some Big Earners
Private ocean sectors with the highest paid jobs include oil and gas (average $210,000 annually); power generation (average $129,000 annually); transportation (average $117,000 annually); and shipbuilding (average $95,000 annually). In comparison, the national total economy average annual salary is $71,000.
A Variety of Industries
The following figures demonstrate annual gross domestic product for the 10 ocean sectors:
- Tourism and recreation – $143 billion
- Defense and public administration – $124 billion
- Offshore oil and gas – $49 billion
- Transportation – $25 billion
- Fisheries and other bio-products – $13 billion
- Shipbuilding – $9 billion
- Power generation – $4 billion
- Research and education – $3 billion
- Construction – $2.5 billion
- Professional and business services* – $31 million
(*This sector is still under development and the current results do not reflect the entire sector yet.)
Handout: America's Marine Economy