America’s marine economy contributed about $361 billion of the nation’s gross domestic product in 2020. That is according to the most current results of the annual Marine Economy Satellite Account released today by two Department of Commerce agencies, NOAA and the Bureau of Economic Analysis (BEA).
These numbers are from the first year of the coronavirus pandemic and represent a 5.8%, or $23 billion, reduction in real terms (adjusted for inflation) from 2019, outpacing the general economy’s decline of 3.4%.
“President Biden infused infrastructure funding into this sector precisely because of the marine economy’s immense value and potential for strengthening our nation,” said Jane Lubchenco, Ph.D., White House Office of Science and Technology Policy deputy director for climate and environment. “The health of the ocean economy depends on the health of the ocean. President Biden has asked us to include natural capital in our evaluation of the ocean’s contribution to the economy, and to take actions to combat the climate crisis, conserve our ocean and protect our coastal communities.”