Economic Contributions of Visitor Spending in Ocean Recreation in the Florida Keys National Marine Sanctuary

Ross Andrew,Robert Burns,Kathryn Gazal

doi:10.3390/w14020198

Abstract

Understanding the economic value of marine sanctuaries such as the Florida Keys National Marine Sanctuary (FKNMS) is important to justify public and private investments and to provide information to support management activities and understand their role in the nation’s blue economy. Very few studies have employed economic contribution analysis in examining economic value, even though it is more useful in influencing the behaviors of decision makers. This study therefore employs such a methodology to determine the economic importance of tourism and visitor spending in the sanctuary to Monroe County, Florida’s economy. Visitors who came to the area for ocean recreation and tourism spent a total of USD 1.7 billion, which translates to a contribution of 19,688 total jobs, USD 752 million in total labor income, USD 1.2 billion in total value added, and USD 2 billion in total output to the region. With regard to the spending of snorkelers and divers only, total spending is about USD 1.07 billion, contributing about 12,441 total jobs, USD 466 million in total labor income, USD 767 million in total value added, and USD 1.2 billion in total output. Ocean recreation is therefore an important economic driver in the region and efforts should be directed at protecting the diverse and sensitive ecosystem of the sanctuary.

Highlights

There has been growing interest in quantifying the ocean economy due to its role in local, national, and international economies
Direct contributions are those that are made directly by the primary industry of study’s operation to meet the final demand for its output. Indirect contributions are those that arise through inter-industry activity that occurs as secondary industries respond to the demand for inputs by the primary industry
A typical visitor who came to the Florida Keys National Marine Sanctuary (FKNMS) for ocean recreation in 2019 spent an average of USD 743 per trip or about USD 1.7 billion for all visitors

Summary

Introduction

There has been growing interest in quantifying the ocean economy due to its role in local, national, and international economies. It has been suggested that ocean-based industries have potential contributions to the global economy in terms of value added and employment, contributing more than double to global value added or reaching over USD. The annual gross marine product value based on the value of the oceans’ total assets globally was estimated to be at least. USD 2.5 trillion per year [2]. This includes direct output of the ocean from marine fisheries and the coastal ecosystem, tourism, carbon absorption, and marine trade and transport. Sustainable and healthy oceans and marine resources are needed for a vibrant ocean economy. Funds or “ocean finance” are needed for investing in governance and initiatives that promote sustainable management of the ocean and its resources [3]

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