The U.S. Bureau of Economic Analysis (BEA) has released the Marine Economy Satellite Account statistics for 2022, revealing that the marine economy contributed $476.2 billion, or 1.8 percent, to the current-dollar U.S. gross domestic product (GDP). This marks an increase from $424.2 billion in 2021. The marine economy also accounted for 1.7 percent, or $776.9 billion, of current-dollar gross output.
In terms of real GDP, which is adjusted for inflation, the marine economy saw a growth of 0.7 percent from 2021 to 2022. In comparison, the overall U.S. economy experienced a 1.9 percent increase during the same period. Compensation within the marine economy rose by 6.5 percent, equating to $12.4 billion, while employment grew by 5 percent, adding approximately 113,000 full- and part-time jobs.
The latest release includes updated statistics for the years 2017 through 2021 as part of the comprehensive update of the National Economic Accounts conducted in 2023.
The Marine Economy Satellite Account categorizes activities into ten general areas: living resources; construction; research and education; transportation and warehousing; professional and technical services; offshore minerals; coastal utilities; nonrecreational ship and boat building; tourism and recreation; and national defense and public administration.
Real gross output for the marine economy increased by 2.3 percent or $13.8 billion in 2022. Key contributors included:
- Tourism and recreation increased by 8.1 percent or $16.5 billion.
- Transportation and warehousing grew by 7 percent or $3.7 billion.
- Nonrecreational ship and boat building rose by 14.7 percent or $2.5 billion.
- National defense and public administration decreased by 2.5 percent or $4.9 billion.
Industry-wise contributions show that government was the largest industry group within the marine economy, accounting for 33.6 percent or $160 billion of value added, along with being the top contributor to compensation ($96.3 billion) and employment (about 724,000 jobs). The finance sector followed with a contribution of $57.6 billion.
The Marine Economy Satellite Account employs BEA’s supply and use framework to measure economic activity associated with marine-related industries across various geographic scopes including major oceans around the U.S., marginal seas like Chesapeake Bay, Puget Sound, San Francisco Bay, as well as parts of the Great Lakes up to Canada’s boundary.
Data Availability