National Oceanic and Atmospheric Administration reported America's marine economy contributed approximately $361 billion of the nation's gross domestic product for 2020.
This data comes from the annual Marine Economy Satellite Account released by NOAA and the Bueau of Economic Analysis, according to a June 9 NOAA news release. This reportedly represents a 5.8% reduction - $23 billion - from 2019, adjusted for inflation. This figure outpaces the general economies 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," Jane Lubchenco, Ph.D., White House Office of Science and Technology Policy deputy director for climate and environment, said in the news release. “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.”
"From shipping and maritime commerce to travel and tourism, the health of the marine economy touches the lives of every American," Secretary of Commerce Gina M. Raimondo said in the news release. "Supporting the maritime economy while also addressing the climate crisis is an essential and existential component of the Commerce Department’s work to create the conditions for economic growth and opportunity."
