With everyone’s focus on the recent election results, you may have failed to notice some news out of Washington, DC that could have a very positive impact on the yachting industry.
When The House of Representatives recently returned to DC after a break, one of the first things they did was unanimously pass the Outdoor REC Act. The bill “directs the Bureau of Economic Analysis of the Department of Commerce to assess and analyze the outdoor recreation economy of the United States.” The assessment of the importance of “outdoor recreation” and how it contributes to the overall economy, of course includes the millions of jobs, and revenue generated by the boating and yachting industry.
A companion bill was also passed earlier this year by the Senate Commerce Committee, with the full Senate hopeful to vote on the legislation before the holidays so that it can be signed into law by President Obama.
Yachting and the Outdoor Recreation Economy
According to the National Marine Manufacturers Association (NMMA), The REC Act directs the Secretary of Commerce, through the Bureau of Economic Analysis (BEA), to conduct an assessment and analysis of the outdoor recreation economy of the United States. A temporary pilot program was enacted by the Secretary of the Interior in April, so Congress’s action was needed to make sure that the outdoor economy—and its estimated 6 million jobs and $646 billion in economic activity—receives official government recognition for years to come.
Recreational boating, including yachting, yacht charters, and yacht management, is a significant part of that outdoor economy. The NMMA has been working with the BEA actively supporting the legislation.
Yacht Management, Yachting, and the Economy
At FYM we recognize how important the marine industry, and yachting in particular is to the South Florida economy. Miami, Ft. Lauderdale and West Palm Beach, continue to grow as yachting hubs.
As more and more yacht owners are attracted to our area, we believe our On Demand Yachting solution is a win-win for yacht owners and for the economy, providing dozens of jobs for crew, and yacht service technicians, while at the same time, making dockage and yacht ownership in our area easier than ever before.
Operating a motor yacht can be costly. You can reduce your expenses, and avoid costly repairs by keeping her well maintained. On Demand yachting from FYM can help. If you would like to learn more, or if you have any questions or comments about this blog post, do not hesitate to contact our Yacht Management specialists, or call us at (954) 900-9968.