The Miami Yacht Show makes an enormous contribution to Florida's economy, according to a study commissioned by Informa Exhibitions, co-owner of the event.
The annual event, which boosts tourism and supports the marine industry, draws approximately 30,000 visitors and leads to $486 million being raised as a direct and indirect result.
“While the show and the attention may be focused on our new location on the Downtown Miami waterfront, the reality is that our impact is felt far beyond the confines of the show site,” Ken McAvoy, executive vice president of Corporate Development for Informa Exhibitions, said in a press release.
“The findings of this economic impact study make it clear the Miami Yacht Show provides benefits to so many Floridians and Florida businesses, from Miami to the Panhandle.”
The 31st annual Miami Yacht Show is scheduled for Feb. 14-19 at the Resorts World Miami site and Sea Isle Marina, which is a new location.
Miami’s Mayor Francis Suarez said the city is excited to have the event move downtown.
“With a new home in the heart of our urban core, the show’s international appeal is poised to complement Miami’s status as a global city by attracting people from all over the world,” Suarez said. “This activity will not only attract even more excitement to the area, but it will also significantly impact our economy, both in Miami and beyond, stimulating local businesses and creating opportunities for our residents.”
Some of the other findings in the study were: it created 3,576 full-time jobs; there were more than $64.9 million in estimated sales of marine products during the event; the state coffers saw approximately $31.8 million gathered in excise and sales taxes; and the average visitor to the show spends about $264 per day, for a total of $7.6 million spent overall each year.
The study was conducted by Thomas J. Murray & Associates.