NOAA today announced the results of its latest Marine Economy Satellite Account, saying that the U.S. marine economy generated ~$361 billion in economic value in 2020, or $23 billion less than in 2019.
The Account analyzed the following 10 sectors with businesses dependent on the marine economy, finding the businesses accounted for in the report achieved $610B in sales and supported 2.2 million jobs in 2020: coastal tourism and recreation ($191B), national defense and public administration ($187B), offshore minerals ($97B), marine transportation ($54B), living resources ($27B), ship and boat building ($16B), coastal utilities ($15B), research and education ($11B), marine construction ($7B), and professional and technical services ($6B).
White House Office of Science and Technology Policy Deputy Director for Climate and Environment Jane Lubchenco said that “[t]he health of the ocean economy depends on the health of the ocean,” and noted the recent executive order tasking the administration with accounting for natural capital in determining the ocean’s contribution to the economy.
Commerce Sec. Gina Raimondo added that “the health of the marine economy touches the lives of every American,” citing the need to “support[] the maritime economy while also addressing the climate crisis,” while National Ocean Service Director Nicole LeBoeuf noted the nation’s reliance on the Blue Economy “as a driver of jobs, innovation, and economic growth” and the connection between the Blue Economy and the nation’s prosperity.
