NMMA president touts industry’s recovery

Miami, FL (February 12, 2015) – “We’re back. The recreational boating industry is back,” said Thom Dammrich, president of National Marine Manufacturers Association, at today’s marine industry breakfast at the Miami International Boat show.

With growth of new-boat sales estimated at 5 to 6 percent in units and 8 to 9 percent in dollars in 2014 and similar growth projected for 2015, Dammrich delivered an upbeat forecast for the next several years.

He said the economy has grown at an annual rate of 3 percent in each of the last three quarters and that economists predict annual growth of 3 percent during the next three years — all good for growth in retail sales. Unemployment is 5.7 percent — full employment, some economists say, according to Dammrich.

Disposable income increased at an annual rate of about 2 percent each month in 2014 and finished the year with 3.7 percent in December. “We can expect disposable income to continue to grow over the next two years,” he said.

Dammrich said consumer spending also has been growing at more than 2 percent annually and that consumer confidence in three of the last four months has been above 90, a figure that historically bodes well for the industry. – Soundings, full story