Boating economy strong in Washington State

SEATTLE, Sept. 11, 2007 – As the 2007 Lake Union Boats Afloat Show gets underway on Wednesday, recreational boat sales continue to show signs of strength in Washington State according to data compiled by the Washington Department of Licensing and Washington Sea Grant Program.

During the second quarter of 2007, traditionally the strongest quarter for sales of recreational boats, sales of new and previously owned recreational boats in Washington State increased just over $51 million or 18.6 percent over the same period in 2006.  During April, May and June in 2007, new and previously owned sales reached $326,016,819 compared with $274,792,023 in 2006.  For the quarter ending June 30, 2007, 22,861 boats changed hands, up 1,700 units or eight percent from second quarter 2006.

“The Northwest is the shining star of the recreational boating industry,” said Patrick Kelley, president of the Northwest Yacht Brokers Association and a Certified Professional Yacht Broker.  “Brokers throughout the region are telling me that they are having a good year.  The local economy is strong.  Boeing and Microsoft are doing well.  And people want to get out on the water and enjoy what they have worked for.”

Kelley, who has sold boats in the Northwest for over 20 years, believes that not only are people within the state buying boats, but people from outside of Washington are buying and mooring their boats here as well.  “Even if boaters don’t have a home here, they are buying and keeping their boats in Washington State to take advantage of the wonderful cruising opportunities in the region and along the B.C. and Southeastern Alaska coast,” he said.

A factor that could potentially bolster new and used boat sales and the yachting economy in the coming years is Washington’s passing of State House Bill 1002 this spring.  The bill, which is intended to encourage non-residents to buy and keep their boats in the state, is expected to be an economic catalyst, helping to generate important revenue for businesses that cater to the boating public.  SHB 1002, which went into effect July 1, provides a sales tax exemption for vessels purchased in Washington by non-residents, provides a use-tax exemption for vessels brought into Washington by nonresidents and exempts nonresidents already in possession of a use permit from registration requirements for 12 months. 

“The bill encourages boat owners to bring their boats into our state and use our boat yards, restaurants and hotels –generating additional revenue and jobs,” said Kelley.  “No questions it’s already had a positive effect on the industry and Washington State as a whole.” 

With over 340 boats on the water, the 30th annual Lake Union Boats Afloat Show is the largest floating boat show on the west coast.  The show, which runs Wednesday, Sept. 12 – Sunday, Sept. 16, is open 11 a.m. to 6 p.m. daily and 10 a.m. to 6 p.m. on the weekend.   Tickets are $10 for adults and $5 for kids 12 and under and available online at www.BoatsAfloatShow.com or at the gate.

The 2007 Lake Union Boats Afloat Show is sponsored by Fireman’s Fund Insurance

. . . . . . . . . . . . . . .

About the Northwest Yacht Brokers Association
The Northwest Yacht Brokers Association www.nwyachtbrokers.com is a non-profit marine trade group founded in 1988 consisting of over 340 marine brokers, dealers and other industry professionals representing over 230 marine-related businesses in the Pacific Northwest. Subscribing to the strictest code of ethics, NYBA members are committed to bringing integrity and professionalism to the buying and selling process of new and previously owned pleasure craft. NYBA plays an active role in marine youth and education programs and is active in creating a greater interest in the welfare and safety of the boating public. Along with the Northwest Marine Trade Association, NYBA's January and September Boats Afloat Shows connect thousands of boating enthusiasts with marine professionals and the finest pleasure craft the Northwest has to offer.