U.S. Bureau Of Economic Analysis Study Shows $30 Billion Generated In Annual Economic Activity By Recreational Vehicles

$350 billion was the worth of the direct economic activity by the RV industry in 2016 – the latest year that data s available for, according to the U.S. Department of Commerce. This follows a record breaking year for the sale of RVs. The RV industry has bene recognized of for the first time to be a significant contributor to the U.S. economy. according to the report from the Outdoor Recreation Satellite Account (ORSA) which is also the first ever report by the U.S. government on the aspect of outdoor recreation.

About 2.0 percent or about $373.7 billion of current-dollar total GDP in 2016 of the U.S. was accounted for by outdoor recreation industry on the overall according to the Commerce’s Bureau of Economic Analysis (BEA). Additionally, there was growth of 3.8 per cent in the outdoor recreation industry in 2016 compared to an overall growth of 2.8 per cent for the general economy.

Approximately $59.4 billion in gross outputs was generated by “Motorized Vehicles” segment which turned out to be the largest activity in the “Conventional Outdoor Recreation” in 2016. And more than half of that value is accounted for by RVs, with $30.0 billion in gross output.

“The ORSA report is a welcome signal of the critical economic role outdoor recreation plays in the United States, and the RV industry figures reaffirm the strength of our business,” said Frank Hugelmeyer, president, RV Industry Association. “We are fortunate to represent a rapidly growing industry that helps keep America’s economy strong and brings enjoyment to millions of Americans.”

There have been a number of satellite accounts complementing BEA’s statistics and the new Outdoor Recreation Satellite Account (ORSA) adds to that list of satellite accounts. Accounts on travel and tourism and arts and cultural production are the other BEAs statistics and accounts. However, the official statistics of BEA, including the GDP, remain unchanged due to these accounts.  Extraction and analysis of information embedded in the official economic statistics is the way that allows a closer analysis and greater detailed insight into one specific area of the economy by these satellite accounts.

RV manufacturers and their component parts suppliers in the U.S. are represented by the RV Industry Association. These members together account for the building of over 98 percent of all RVs that are manufactured in the U.S.

(Adapted from Businesswire.com)


Categories: Economy & Finance, Sustainability, Uncategorized

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