A bright spot on the high seas! The boating industry is enjoying its best sales in a decade.
FOX Business Network's Jeff Flock says it's a beautiful time to be in the boating industry. Boat sales are up. Thirty-six-billion dollars in boat sales last year, up about three percent. According to those in the know, this is going to be another big year.
John Pfeifer of Mercury Marine is expecting big things. "Well the industry's been quite healthy the last couple of years, and it's been growing at about five or six percent in terms of units produced and sold. We expect that to continue over the next eighteen months at least, the economic conditions are right for that type of growth."
So what's the reason for the increase in sales? "Well we're making boating today easier than it's ever been before. So the engines are cleaner, and they're smoother than they've ever been before. They're more responsive, but we've built a lot of technology into the boat just to make it easy for people to boat. And that's really important because more people are boating in different ways. You got to make it easy for people. Take technology and put it in peoples' hands where they don't need an owner's manual," Pfeifer says.
That along with positive economic conditions. "We're seeing great consumer confidence, unemployment is trending positive, good single family housing starts, which correlates well with our industry. So it's a good market right now," says Pfeifer.