News

Bait, tackle retailers reel in $2.3B for US economy

The small to mid-sized marine recreational industry is proving to be a big retail boost for the economy, reeling in $2.3 billion in 2013.

July 20, 2015

Who says fishing is just a hobby or the patient man’s pastime? The marine recreational industry is proving to be a big retail boost for the economy, reeling in $2.3 billion in 2013.

The National Oceanic and Atmospheric Administration (NOAA), which is part of the U.S. Department of Commerce, reported that the independent recreational bait and tackle store sector supports nearly 16,000 jobs and lured in $796 million in income as part of its overall retail haul.

The NOAA Fisheries study, the first of its kind, illustrates the economic power of the marine fisheries industry, according to a news release.

"This study clearly shows the strong contribution of the bait and tackle industry to the economic health of our coastal communities and to the broader U.S. economy," said Doug Lipton, NOAA Fisheries senior scientist for economics, in the release. "And it gives us a good baseline for measuring the economic impacts of these businesses as we move forward."

The agency states the study purely represents the independent businesses and not large retail chain stores, and not the entire U.S. bait and tackle industry’s contribution to the economy. The businesses included reported an estimated $854 million in total sales of saltwater fishing bait and tackle. For those businesses specializing only in bait and tackle, the average retailer sold about $426,000 in saltwater bait, tackle and related equipment in 2013.

"Even though this study only captured a slice of an even bigger pie, this first-time economic assessment of the industry will help managers and regulators better understand the effect that changing conditions have on recreational fisheries and coastal communities," Lipton said. "These data will also help quantify the effects of future natural disasters such as storms, hurricanes, or tsunamis."

The NOAA Fisheries study polled 3,500 independent, small, businesses and of those surveyed 35 percent classified themselves as bait and tackle stores that exclusively sell bait, tackle, and recreational fishing equipment. The remaining 65 percent of responding stores included sporting goods retailers, marinas, general retailers, convenience stores and hardware stores.