Writer: Esteban Pages
2 min read October 2023 — Fort Lauderdale’s opportunity to highlight its marine industry and overall city development returned with the 64th annual edition of the Fort Lauderdale International Boat Show (FLIBS) on Wednesday. The marine event is considered the largest in-water boat show in the world.
From Wednesday through Sunday, close to 1,000 domestic and international exhibitors will display more than 1,300 vessels, with over 100,000 attendees are expected, according to event organizers. The five-day show is again expected to surpass an economic impact of $1 billion and provide a window to South Florida’s $18.5 billion-worth marine industry. The global yacht market was valued at $8.91 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030.
“The marine industry in Fort Lauderdale is a $15 billion industry. It brings 130,000 jobs to Fort Lauderdale, which is huge compared to the 7,000 jobs the industry has in Miami. Fort Lauderdale is the best place for us to do business, because of these advantages. We have seen 60% growth in two years, and sales were off the charts,” Bill Walker, CEO of Water Taxi of Fort Lauderdale told Invest:. “We have expanded our fleet to 13 vessels, and we have gone from transporting 85,000 people a year to 1.2 million a year. We also partnered with the boat show, and Water Taxi is a favorite of patrons at the show,” he added.
The FLIBS also acts as a showcase for wealthy investors looking for new assets to invest in. Lisa Verbit, senior vice president and national marine director at Bank of America, told South Florida Business Journal that she has seen a significant uptick in interest from the region’s high-net-worth individuals in purchasing superyachts and megayachts. Price ranges are usually within the $40 million and $300 million bracket, depending on the size; plus 10% in annual running costs. Although requiring licensing and permitting for commercial use, some owners rely on charter captain licenses to rent out their vessels due to the inherent tax benefits that decrease ownership costs.
Given the amount of traffic generated from the boat show, it also serves as a reminder of Fort Lauderdale’s congestion and mobility issues. Spread over seven different locations, the mass amount of visitors will likely create slowdowns in traffic. Shuttle services and water taxis to move between locations are available.
Moving service provider HireAHelper ranked the Miami-Fort Lauderdale-Pompano Beach metro area No. 4 among what it considers the “Cities to Avoid if you Hate Commuting.” To address the issue, the city of Fort Lauderdale is doubling its efforts in the hope of building a commuter rail tunnel to improve its mobility.
The Brightline is also pitching in to improve transit throughout the event, considering visitors from Miami, West Palm Beach, Aventura, Boca Raton and now Orlando can attend the FLIBS using intercity rail. Four years and $6 billion after the project launched back in 2019, the 170-mile extension from West Palm Beach to Orlando was successfully concluded in September 2023.
READ MORE: The Orlando Brightline station is open and ready for business
Top image via FLIBS
For more information, please visit:
