The Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show the marine economy accounted for $476.2 billion, or 1.8 percent, of current-dollar U.S. gross domestic product in 2022, an increase from $424.2 billion, or 1.8 percent, in 2021. The marine economy accounted for 1.7 percent, or $776.9 billion, of current-dollar gross output.
Real (inflation-adjusted) GDP for the marine economy increased 0.7 percent from 2021 to 2022, compared with a 1.9 percent increase for the overall U.S. economy. Marine economy compensation increased 6.5 percent, or $12.4 billion, and employment increased 5.0 percent, or about 113,000 full- and part-time employees.
Today’s release also reflects updated statistics for 2017–2021. Gross output, value added (or GDP), employment, and compensation were updated to include the results of the 2023 comprehensive update of the National Economic Accounts, which includes the Industry Economic Accounts. The updated statistics reflect newly available and revised source data as well as methodological improvements.
Marine economy by activity
To estimate the marine economy by activity, this satellite account reorganizes industry value added and gross output statistics and presents the data in a framework that reflects marine-related activities. Marine economy activities fall into the following 10 general categories:
- Living resources, marine
- Construction, coastal and marine
- Research and education, marine
- Transportation and warehousing, marine
- Professional and technical services, marine
- Minerals, offshore
- Utilities, coastal
- Ship and boat building, nonrecreational
- Tourism and recreation, coastal and offshore
- National defense and public administration
Marine economy real gross output—principally a measure of the marine economy's inflation-adjusted sales or receipts, which includes sales to final users in the economy and sales to other industries (intermediate inputs)—increased 2.3 percent, or $13.8 billion, in 2022. Marine economy activity highlights for 2022 include the following:
- Tourism and recreation, coastal and offshore increased 8.1 percent, or $16.5 billion, to a level of $219.7 billion, making it the largest contributor to the growth in 2022 marine economy real gross output.
- Transportation and warehousing, marine increased 7.0 percent, or $3.7 billion, to $56.3 billion, making it the second-largest contributor to the overall growth.
- Ship and boat building, nonrecreational increased 14.7 percent, or $2.5 billion, to $19.6 billion.
- National defense and public administration decreased 2.5 percent, or $4.9 billion, to $193.6 billion, making it the largest offset to the overall growth in 2022 marine economy real gross output.
Marine economy by industry
The industry statistics show the contributions of industries to the marine economy including their impact on value added (or GDP by industry), gross output, employment, and compensation.
Marine economy industry highlights for 2022 include the following:
- Government—as a share of marine economy current-dollar value added—was the largest industry group and accounted for 33.6 percent, or $160.0 billion, and was the largest industry group for compensation ($96.3 billion) and for employment (about 724,000 full- and part-time jobs).
- Finance, insurance, real estate, rental, and leasing was the second-largest industry group as a share of the marine economy and accounted for 12.1 percent, or $57.6 billion, of current-dollar value added.
- Transportation and warehousing accounted for 9.6 percent, or $45.9 billion, of marine economy value added, with the second-largest level of compensation ($22.2 billion).
- Accommodation and food services accounted for 7.5 percent, or $35.9 billion, of value added and was the second-largest industry group for employment (about 434,000 full- and part-time jobs) in 2022.
For more information, read the full release.
