Even though the President, on a recent visit, announced that the Gulf is open for business, the National Marine Manufacturers Association (NMMA) recently released findings from an online survey of member boat, engine and accessory manufacturers on the effects of the BP oil spill in the Gulf of Mexico on the recreational marine industry. NMMA surveyed 178 member chief executives in late June through July.
“Results from this member survey offer a timely and realistic picture of how the oil spill has had, and likely will continue to have, a negative impact on recreational marine manufacturers,” NMMA President Thom Dammrich said in a release. “The effects of this spill, both real and anticipated, are being felt by more than half of the manufacturing businesses in our industry.”
Survey findings include:
- Three out of five recreational marine manufacturers have been affected by the oil spill.
- Nearly four out of five surveyed companies anticipate some effect from the spill on their business throughout the remainder of the year.
- 76 percent of surveyed companies had forecasted sales growth in 2010 prior to the spill.
- 70 percent of surveyed companies have downwardly revised their 2010 sales projection as a direct result of the spill.
- 64 percent of surveyed companies downwardly revised their projections by 5-20 percent.
- 68 percent of surveyed companies were told that a cancellation was directly due to the spill.
“An estimated 11 percent of total U.S. new marine products are sold within the areas of the Gulf Coast affected by the oil spill,” Dammrich said in the release. “Findings from our survey point to a widespread effect on marine manufacturers both in and beyond the Gulf Coast. While not an insurmountable setback as our industry awaits recovery from the economic recession, the oil spill’s long-term impact on marine businesses in the Gulf—and nationally—is yet to be determined.”
The Gulf of Mexico oil spill began with an April 20 explosion and fire on the drilling rig Deepwater Horizon, owned by Transocean Ltd. and leased by BP PLC.
About NMMA: National Marine Manufacturers Association (NMMA) is the leading association representing the recreational boating industry in North America. NMMA member companies produce more than 80 percent of the boats, engines, trailers, accessories and gear used by boaters and anglers throughout the U.S. and Canada. The association is dedicated to industry growth through programs in public policy advocacy, market statistics and research, product quality assurance and promotion of the boating lifestyle. For more information, visit http://www.nmma.org/.