The Massachusetts Maritime Economy is comprised of 5,555 establishments that employ 90,482 workers, pay $3.4 billion in total wages, and account for $6.4 billion in gross state product. These businesses are a significant economic driver in Massachusetts, representing 2.6 percent of the Commonwealth’s direct employment and 1.3 percent of its direct gross state product.
- 5,555 establishments
- 90,482 employees
- $3.4 billion total wages
- $6.4 billion gross state product
Tourism & Recreation is the Largest Maritime Economy Sector
There are six major sectors in the Massachusetts Maritime Economy:
- Living Resources
- Marine Construction
- Offshore Minerals
- Ship & Boat Building & Repair
- Tourism & Recreation (Coastal)
Tourism & Recreation is by far the largest sector in terms of employment, although it accounts for a smaller share of total wages and gross state product. Conversely, the Marine Transportation sector, which includes Marine Technology, accounts for only 13 percent of employment, yet 35 percent of total wages and 35 percent of GSP, is primarily due to the high value of the products and services the sector provides. The Living Resources sector accounts for six percent of Maritime Economy employment. Employment in the sector has been declining since 2009, particularly in the fishing industry. Ship & Boat Building & Repair accounts for only small portions of employment and GSP due to the almost total absence of major ship and boat builders in the Commonwealth.
(One portion of executive summary--much more in total summary, see PDF)
Borges, David; Goodman, Michael; Korejwa, Elise; Lima-Pires, Kasey; McCarthy, Michael; Sloan, Michael; Stickles, Holly; Smith, Joy; and Colgan, Charles, "Navigating the Global Economy: A Comprehensive Analysis of the Massachusetts Maritime Economy" (2017). Publications. 10.