In the latest Forecast on U.S. Boat Building Production from ITR Economics, growth in boat building production is expected to be constrained through 2020 and into the first quarter of 2021, turn up in mid-2021, and hold steady through 2023.
The latest ITR Forecast for boat building was upwardly revised compared to the July report, following data from the Federal Reserve Board which showed production in the third quarter increasing compared to the second quarter in response to the surge in consumer demand for new boats.
“Boat shipments through September are at about 90% of where they were a year ago due to a halt in production at the onset of COVID-19 and now pandemic-related supply chain constraints,” notes Vicky Yu, senior director of business intelligence for NMMA. “As those constraints are lifted, we should see a healthy pickup on boat building production as manufacturers work through their backlogs to fulfill new boat orders rising from the uptick in retail sales over the summer.”
NMMA members can view the full October 2020 report for additional detail here.