A recently released economic impact study commissioned by Informa Exhibitions, co-owner of the Miami Yacht Show, sheds new light on the annual event’s positive — and significant — economic impact on Florida, from supporting the state’s marine industry to boosting its tourism sector.
The 31st annual edition of the Miami Yacht Show will run from Feb. 14 to 19, 2019 at the show’s new, expanded location at the Resorts World Miami site and Sea Isle Marina on Biscayne Bay in Downtown Miami.
According to the economic impact study, which was performed by Thomas J. Murray & Associates, Florida businesses and workers stand to benefit from an estimated $486 million in economic activity associated with the show.
“While the show and the attention may be focused on our new location on the Downtown Miami waterfront, the reality is that our impact is felt far beyond the confines of the show site,” said Ken McAvoy, executive vice president of Corporate Development for Informa Exhibitions. “The findings of this economic impact study make it clear the Miami Yacht Show provides benefits to so many Floridians and Florida businesses, from Miami to the Panhandle.”
Using the outcomes of the 2018 edition of the Miami Yacht Show as its baseline, the study illustrates the event’s positive impact in two key areas: total economic impact on the state, including jobs, sales taxes and marine industry support, and impact on Florida’s bedrock tourism industry. Importantly, the 2019 show is expected to be even larger than last year’s event, offering the probability of an even greater economic impact on the state. This inherent value has been recognized by key public stakeholders in South Florida, including City of Miami leadership, Miami’s Downtown Development Authority, the Greater Miami and the Beaches Hotel Association and a strong, bipartisan slate of members of Congress representing the region.
“I am excited to welcome the Miami Yacht Show to Downtown Miami. With a new home in the heart of our urban core, the show’s international appeal is poised to complement Miami’s status as a global city by attracting people from all over the world,” said Miami Mayor Francis Suarez. “This activity will not only attract even more excitement to the area, but it will also significantly impact our economy, both in Miami and beyond, stimulating local businesses and creating opportunities for our residents.”
Among the study’s key findings in the total economic impact category are the following:
• The 2018 Show generated an estimated $486 million in total economic output throughout the state of Florida as a result of marine product purchases and expenditures by exhibitors and attendees at the Show.
• 3,576 full time jobs throughout Florida are associated with the economic output of $486 million.
• Total estimated sales by Florida companies during the show reached $252.6 million.
• Miami-Dade County companies secured more than $64.9 million in estimated sales of marine products during the Show.
• Total excise and sales taxes generated within Florida as a result of the show were an estimated $31.8 million.
• The Miami Yacht Show also provides direct, measurable support to the Sunshine State’s tourism industry, which underpins the
statewide economy. Key takeaways from the economic impact study include the following:
√ 29,392 visitors were reported to attend the show in 2018.
√ 30.0 percent of these visitors were from outside Florida.
√ The average expenditure by out-of-town visitors (hotels, restaurants, retail spending, local transportation, etc.) at the show was $264 per day. Overall attending visitor expenditures totaled an estimated $7.6 million.
For more information on the 2019 edition of the Miami Yacht Show, a mainstay among South Florida’s premier winter tradeshows for three decades, visit www.MiamiYachtShow.com.
