US Marine Economy Worth $432 Billion in 2021
America’s marine economy contributed $432 billion in economic impact in 2021, making up nearly 2% of the nation’s gross domestic product (GDP).That is according to the most recent statistics from the annual Marine Economy Satellite Account released by two Department of Commerce agencies —NOAA and the Bureau of Economic Analysis (BEA). The marine economy statistics include activities in the US ocean, coasts and major water bodies such as the Great Lakes, Puget Sound and Chesapeake Bay.From 2020 to 2021, the marine economy bounced back strongly from declines associated with the COVID-19
Australia Outlines $245 Billion Nuclear Submarine Plan
also provide A$3 billion to expand shipbuilding capacity in the U.S. and Britain, with the bulk of the money destined to speed up production of U.S. Virginia-class submarines.The total cost of the submarine program is estimated to be A$268 billion to A$368 billion by 2055, or roughly 0.15% of gross domestic product per year, a defense official told Reuters.The price tag involves the cost of building submarines as well as associated infrastructure and training, and the program would create 20,000 jobs in Australia over three decades.Australian Treasurer Jim Chalmers said the decision was "a game-changing
Blue Economy Contributes $361 Billion to US GDP
America’s marine economy contributed about $361 billion of the nation’s gross domestic product in 2020. That is according to the most current results of the annual Marine Economy Satellite Account released today by two Department of Commerce agencies, NOAA and the Bureau of Economic Analysis (BEA).These numbers are from the first year of the coronavirus pandemic and represent a 5.8%, or $23 billion, reduction in real terms (adjusted for inflation) from 2019, outpacing the general economy’s decline of 3.4%.“President Biden infused infrastructure funding into this sector precisely
Marine Economy Contributes Nearly $400 Billion to US GDP
America’s marine economy contributed about $397 billion to the nation’s gross domestic product in 2019 and grew faster than the nation’s economy as a whole, according to the most current results of the first official Marine Economy Satellite Account released today by two Department of Commerce agencies.“America’s strong marine economy is absolutely vital for building back better,” said Secretary of Commerce Gina M. Raimondo. “President Biden sees the immense value and potential of strengthening America’s blue economy, and this administration will continue
US' Marine Economy Growth Outpacing the Nation's
America’s marine economy, including goods and services, contributed about $373 billion to the nation’s gross domestic product in 2018 and grew faster than the nation’s economy as a whole, according to the marine economy statistics released today by two Department of Commerce agencies.“These statistics are the first-of-its-kind estimate of the U.S. marine economy, a primary driver of jobs, innovation and economic growth,” said retired Navy Rear Admiral Tim Gallaudet, Ph.D., assistant secretary of commerce for oceans and atmosphere and deputy NOAA administrator. “Data
BOEM Studies Renewables' Potential in US Gulf
selected sites in the Gulf of Mexico.In the “Offshore Wind in the U.S. Gulf of Mexico: Regional Economic Modeling & Site-Specific Analyses” the site-specific economic analysis indicated that a single offshore wind project could support approximately 4,470 jobs and $445 million in gross domestic product (GDP) during construction and an ongoing 150 jobs and $14 million annually from operation and maintenance labor, materials, and services. Results are based on a 600 megawatt (MW) project at a reference site with a commercial operation date of 2030.The results of these studies, funded by BOEM&rsquo
NOAA Intros New OceanReports Tool
our fingertips and gives us an edge as we continue to grow our national economy.”OceanReports builds on more than a decade of data collection to transform how seemingly disparate ocean information can be delivered to the nation’s ocean and coastal industries, which add $320 billion in gross domestic product to the nation’s economy.The new OceanReports web tool, available at http://www.marinecadastre.gov/oceanreports/, provides users specialized “ocean neighborhood analyses” including maps and graphics by analyzing more than 100 ocean datasets instantaneously
Argentina Sticking with Submarine Program despite Disaster
professor at Universidad Austral and Universidad Catolica in Buenos Aires, said on Tuesday. The government declines to comment about the plans it has for its submarines until the investigation into the Jan Juan disaster is complete. Argentina spends about 1 percent of its gross domestic product on defense, less than its neighbors Chile, Brazil and Peru. Peru has six subs, Chile four and Brazil plans to increase its five-vessel fleet by four over the next few years. Ecuador and Venezuela each have two and Colombia has four. “Submarines are an excellent strategic
A United Front in Ocean Observation
. The support of innovation and advancement in future observing technologies will be key to achieving goals in ocean observation, both within Europe and globally. Advancement through Unity The EU Blue Economy provides over five million jobs and approximately 4% of Europe’s Gross Domestic Product. New technologies, including underwater engineering and DNA sequencing, offer possibilities to increase the contribution between marine industry and science sectors. To capture this potential, the European Commission has launched a Blue Growth initiative which explores new ways to contribute
February 2024
