The Economic Impact of The Intracoastal Waterway in St. Johns County

Economic Benefits of the District
Waterways
ST.JOHNS COUNTY
Resident Boaters TOTAL ANNUAL
Waterway Tourists Economic Output
and Dredging
$732.7 Million
Boater Annual Spending Impacts

$91 Million
TAX IMPACTS TOTAL
State & Local Tax Impacts Estimated Benefits from Tourists:
$55.4 Million $641.6 Million
Federal Tax Impacts COMMERCIAL FISHING
$67.1 Million
$1,013, 249
By Boaters,
OVERALL Top Species Landed by Value White Shrimp
Waterway
$122.5 Million Tourists, &
TAX IMPACTS Top Species Landed by lbs 7,615 lbs
Dredging Blue Crab
FOR LESS THAN

$161K SPENT
$69.4M
On Dredging Annual 284,775 Out-of-State Waterway Users
Yearly Benefit 96,500 In-State Waterway Users
That would be lost without waterway

maintenance as well as a loss of over TOTAL
814 jobs Recreational Boaters in St.Johns County
1500 Meters=$74M
11,033
14%
500 Meters=$132M FISHING
29%
WATERSPORTS
Waterfront =$1.6B
WATERWAY AMENITY VALUE

TOTAL $1.9 Billion 46%
Annualized $116 M
7%
TOTAL
Number of Jobs SAILING AND PLEASURE
BOATING
8,211
OTHER
ACTIVITIES
Economic Benefits of the District
Waterways
ST. JOHNS COUNTY
Within St. Johns County, The Florida Inland Navigation Table 1. Estimated Economic Impacts of District Waterways in
District (District) is the state sponsor for Federal St. Johns County
navigation projects along the Atlantic Intracoastal Labor Value
Waterway (“the Waterways”). Nearly $8.8 million has Impact Type Output
Employment Income Added
been invested in St. Johns Waterways in the past 10 (in Millions $)
years. These investments and the Waterways
Local recreational
themselves generate significant economic impact 1,060 $34.2 $58.5 $91.1
boaters
throughout the twelve-county region and beyond.
Floridian Tourists 195 $6.0 $10.9 $17.4
The Intracoastal Waterway portion of St. Johns County
Out-of-state
comprises 47 miles, entering at mile 750 and ending at 6,956 $219.9 $392.6 $624.2
Tourists
mile marker 797 south of Matanzas Inlet. Boaters have
Property Value Impacts $116
access to the Atlantic Ocean at the St. Augustine Inlet
and Matanzas Inlet in St. Johns County. Total Annual
8,211 $260.3 $462.1 $848.7
Impacts
The economic impact of the Florida Inland Navigation
proximity to an amenity – in this case, the waterway.
District (District)’s navigation projects in St. Johns County
Hedonic modelling for St. Johns County found that
has been estimated as of December 2017. Benefits of the
property value impacts contribute 6% to total property
District’s ongoing maintenance programs, as well as two
values within the county. The Intracoastal Waterway
alternative scenarios, were prepared. For purposes of the
premium makes up about $1.9 billion of the property
estimate, the District’s Waterways are defined as all
values.
navigable waterways within the District’s boundaries
including the Intracoastal Waterway and all waterways In addition to status quo, two alternative maintenance
that are physically connected to it. schemes were evaluated. Under the first scheme of
Continued investments and ongoing operations of the reduced maintenance, the economic impacts of the
waterway benefit the public, marine businesses and District’s investments are substantially smaller. Analysis
recreational users, the twelve member counties, and other finds that reducing the maintenance regime to a three-foot
government agencies. To estimate total benefits, a series draft would cost $69.4 million in total impacts annually.
of impacts were evaluated: Under the second scheme of increased maintenance,
improving the maintenance through full implementation of
1. Direct spending by recreational boaters and their
the District’s Dredge Material Management Plan is
effects on local businesses and wage creation
estimated to result in an increase of about $1.5 million in
2. Direct spending by tourists, both Floridians and out-of spending for the small but important number of very large
-state visitors vessels.
3. Proximity effects of the Waterways on real estate
Finally, a series of benchmarks to assist local marine
4. Direct spending by the Army Corps and the District
resource managers were compiled. The metrics capture
on maintenance dredging activities and other
trends in the number of boat registrations, available boat
waterway access and maintenance activities, and
slips, etc. to understand whether marine assets can be
5. Commercial Fish landings. better utilized or where resource allocation may be
The indirect and induced economic impacts generated improved. The metrics are provided in the final section of
from each of the direct spending effects were estimated the report, and provide a baseline for evaluation of trends
using IMPLAN, an econometric modelling application that going forward.
generates regional economic impact multipliers. Table 1
provides a summary of the economic impacts.
Hedonic modelling is a statistical approach to teasing out

the share of property value that is attributable solely to the

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Economic Benefits of the District

Boater Annual Spending Impacts

FOR LESS THAN

Yearly Benefit 96,500 In-State Waterway Users

That would be lost without waterway

WATERWAY AMENITY VALUE

Hedonic modelling is a statistical approach to teasing out

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