Connecticut’s ocean economy grew in 2014, report shows
Connecticut’s ocean economy grew by nearly 1 percent during 2014, with the tourism and recreation sector employing the most workers, and the ship and boat building sector contributing the highest value in terms of wages, according to a new federal report.
The report, by the National Oceanic and Atmospheric Administration’s Office for Coastal Management, shows employment growth nationally in the ocean economy of 2.5 percent from 2013 to 2014 and growth in goods and services of 15.6 percent from 2007 to 2014. The ocean economy includes living resources, marine construction, marine transportation, offshore mineral extraction, ship and boat building and tourism and recreation.
State-specific information in the report shows Connecticut’s ocean economy employed about 51,000 people, generating $2 billion in wages and $4.2 billion in gross domestic product. That’s just over 3 percent of the state’s total employment, about 2 percent of its wages and 1.7 percent of its GDP, according to the report.
Most of the ocean economy workforce was based in Fairfield County, in tourism and recreation-related businesses, according to the report. New London County, where submarine builder Electric Boat is located, supplied the largest proportion of the ocean economy GDP. The ship and boat building sector statewide contributed $1.4 billion of Connecticut’s total gross domestic products, the report found.
The report’s findings highlight the importance of the ocean economy to Connecticut. Although it is the nation’s third smallest state in land area, and 29th in population, it ranks 15th in ocean economy employment and 14th in GDP among the 30 coastal states.
To access the report, visit: https://coast.noaa.gov/digitalcoast/training/econreport.html.
More information can also be found on the Economics: National Ocean Watch data page at: https://coast.noaa.gov/digitalcoast/data/enow.html.
Re-posted from Connecticut Sea Grant Research Announcements.