The Yachting Capital of The World
11/29/2006 12:38:58 PM by Sandy Lindsey
Photos courtesy of the Fort Lauderdale CVB
With 165 miles of navigable waterway and 125,000 registered boats in South Florida, not to mention the megayachts and superyachts lining the Intracoastal Waterway, Fort Lauderdale is the undisputed “Venice of America.” Add in scenic backwaters, tributaries and canals, and the result is a truly unique and exotic location that doesn’t require an ocean-going voyage or transatlantic flight to enjoy.
The city and surrounding environs capitalize on the 3,000 hours of annual sunshine and beneficial topography, which includes efficient ocean access to world-class sportfishing, reef and wreck diving, and jaunts to the nearby Islands of the Bahamas.
The city’s waterways are lined with marinas, waterfront restaurants, nightspots and upscale residential areas which serve as both first and vacation homes and condos. The best example, perhaps, of the city’s close tie-in with its marine activities is the fact that this once-sleepy Florida town is now host to the world’s largest in-water boat show — The Fort Lauderdale International Boat Show.
Economic Impact
The 2006 show featured $1.6 billion worth of boats, yachts, superyachts, electronics, engines and thousands of accessories from every major marine manufacturer and builder worldwide and over six in-water and land-based sites totaling more than 3 million square feet.
“Demand for participation in the sold-out show was the strongest ever,” says Andrew Doole, VP of Show Management, producers of the event. “Worldwide, the Fort Lauderdale Show is recognized as a key barometer measuring success across all major segments of the marine industry. From global companies to local retailers, participation in the show is a vital component of a company’s marketing and sales strategies for the year.”
The show has a “greater economic impact than a Superbowl,” reports Mayor Jim Naugle. The show is the visible presence of the largely unseen marine industry, which has a $13.6 billion total economic output, according to the Marine Industries Association of South Florida (MIASF). The entire state has an $18.4 billion marine industry economic impact, showing the significance of Fort Lauderdale and South Florida.
“The Fort Lauderdale International Boat Show is a barometer for boat sales in the fall and coming spring,” says Frank Herhold, MIASF executive director. “I’ve been getting reports of record sales. Tiara had a good year with 51 boat sales at the show. My only concern now is that we have enough product.”
Some other impressive numbers which prove that Fort Lauderdale’s economy and growth are closely tied to its marine activities include the statistics on the 1,400 megayachts visiting the area annually, which have an average economic impact of almost $400,000 per visit according to a 2006 MIASF report. Forty-five percent, or $2.7 billion of the state’s $5.9 billion in gross marine sales is done locally, while 73 percent of the marine industry workforce represents 162,000 jobs for the area. Smaller boats have a $6,512 average economic impact, which is still significant, resulting in the county seeing a 153 percent growth in marine-related sales. The numbers add up due to fact that the South Florida marine industry contributed more to the state’s economy in 2005 than either Florida’s cruise ship or citrus industries.
“Boating is what defines this community, even more than tourism,” says Naugle. “Imported yachts have a significant impact on the local community. If that vessel remains here, it could cost $4 million to maintain it over time. The economic impact for vessels from all over the world is tremendous.”
“I’ve seen some interesting statistics that stand out, and they make me feel extremely optimistic about where we’re going,” says boat show organizer Skip Zimbalist. “The National Sporting Goods Association statistics show boating participation was up 20 percent in 2005 over the prior year. If you look at global build reports, you see that yachts in the 80- to 100-foot range are also up,” he adds. “In 2005, there were 299 yachts in that size range under construction, and this year that number has risen to 320 boats. Yachts over 300 feet have risen from three under construction last year to 10 this year.”
National Identity
Fort Lauderdale even hosts its largest holiday event — the nationally televised Seminole Hard Rock Winterfest Boat Parade — on the water. If the sight of Santa arriving not on a flying reindeer-pulled sleigh, but in a gaily-lit boat filled with enthusiastic merry-makers doesn’t prove this is a water loving town, nothing will.
“We’re growing with Fort Lauderdale,” says Lisa Scott-Founds, executive director of the Seminole Hard Rock Winterfest Boat Parade. “There are now 850,000 viewers along the 10-mile Intracoastal parade route, with millions more around the world watching the event on television.” Scott-Founds adds that the boat parade was recently named one of Reader’s Digest’s “100 Best Events” list.
“We cultivated a relationship with the Seminole Indian tribe back in 1995 and, in turn, they’ve now opened the door for us to the Hard Rock group.” Some see the local tie-in as yet another sign of the growing significance of Fort Lauderdale, rather than in previous years when the sponsor was a national entity.
International Impact
Fort Lauderdale and the Islands of the Bahamas just across the Gulf Stream have long had a close association. “There has been a long and enriching experience between our two countries,” says the Right Honorable Perry Christie, prime minister of the Commonwealth of the Bahamas. “There is a tremendous yachting opportunity. The Bahamas is a yachtsman’s paradise. God created The Bahamas to show how pretty waters can be.”
The country has a new openness to foreign direct investments, he continued, cautioning that in selecting investors, much care and attention is given to the actual business plans presented and their potential for making an economic impact through the foreseeable future.
“The infrastructure for yachts is being developed in the Bahamas,” continues Perry. “At the same time, the country will protect its valuable marine and fishing resources. We expect a huge amount of boats coming in [from Fort Lauderdale and South Florida] and expect people to be able to fish and enjoy the water, but we will safeguard those resources.”
Prosperity and growth in the Bahamas will benefit Fort Lauderdale in turn, as more affluent Bahamians visit the city on their vacations, according to Mayor Jim Naugle.
Fort Lauderdale: The City of the Future
The marine industry provides the local economic backbone to Fort Lauderdale, including $4.8 billion in earnings, representing hundreds of thousands of families linked to the marine industry, according to the MIASF. From this strong economic fiber, as well as tourism, Fort Lauderdale is moving into the 21st century.
The tropical sun now rises over the pristine beaches, highlighting the construction cranes of the new luxury hotels growing along the shoreline. Downtown, an early-morning water taxi glides serenely along the New River. Areas once blighted now host gourmet emporiums containing rare delicacies, situated next to museums hosting national premieres of important exhibits.
Fort Lauderdale is a city of change, though one thing hasn’t changed — the importance of the waterways in Fort Lauderdale’s growth and continued prosperity.
