- May 6, 2024
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At the height of the COVID-19 pandemic with the world on lockdown, one of the activities in the area that many were drawn to was being out on the open water in a pristine vessel.
That sharp increase in demand for boats affected boat retailers such as Cannons Marina in Longboat Key, which meant record sales but also inventory and supply challenges, said President Lucile Capo Miller.
“We couldn’t get inventory, and we just sat here with an empty parking lot,” Miller said. “It’s good for business to have inventory in the field.”
Jason LeFevre, MarineMax District president for the West Coast of Florida, said his company experienced the same trend.
“Through the pandemic we went through the largest boat boom in probably the history of the business,” LeFevre said. “And I think when you combine that with the growth of Sarasota, it was a perfect storm of phenomenal business.”
While facing heavy supply chain pressures, it was difficult for places like Cannons Marina and MarineMax to fulfill some orders. LeFevre said even today there are boats coming into their shop that customers ordered during the peak of the pandemic, but sales have since reached a steadier pace.
“We probably doubled in revenue during the pandemic years, based on our traditional numbers,” LeFevre said. “Since then, we’ve been still kind of holding steady at the elevated levels.”
According to both Miller and LeFevre, the demand has persisted coming out of the pandemic. LeFevre said the industry still seems to be on an upward trend, but called it “refreshing.”
Sales have continued to do well, mainly because the market is beginning to normalize. The lot at Cannons Marina is filled with vessels marked for sale now, but during the pandemic it was nearly empty. People can come to the marina and actually see the product.
“One of the main differences is that the inventory levels have caught up,” LeFevre said, adding that things haven't quite returned to the levels seen in 2019, but they’re getting “pretty close.”
May 2023 was Cannons Marina's best month in its 68 years of business. That month saw 37% higher revenue than May 2022. On average, Cannons Marina experiences growth of 10-13% each year, according to Miller.
Grady-White is a high-end boat manufacturer whose vessels are a staple for Cannons Marina.
“Inventory throughout the U.S. got really low, but inventory is building back up,” said Grady-White Sales Representative Gwen Edwards. “We’re in a really good position and basically we’re about where we were pre-COVID, and the market is really good right now.”
The definition of “really good” seems to come with the necessity of balance. At Cannons Marina, the phone isn’t ringing “off the hook,” and Miller said that’s better. She favors the current situation much more than the heavy demand and supply chain pressures faced in 2020 and 2021, claiming the situation COVID presented was “too much.” Now, they receive a steady flow of service sales and rentals, while being able to finally keep up with the demand.
“We needed to slow down because you can’t continue at a breakspeed pace,” Miller said. “The market is normalizing, and we like that.”
One of the main reasons behind the continued demand is the population increase seen in Florida, said Miller and LeFevre.
According to the U.S. Census Bureau, between 2021 and 2022 Florida’s population increased by 1.9%, coming to a total of 22.24 million. Between July 2021 and July 2022, the Tampa Bay Economic Development Council claims 444,500 people moved to Florida. These numbers solidified the fact that Florida is the country's fastest growing state, according to the U.S. Census Bureau.
In Sarasota specifically, demographic statistics demonstrate a significant population increase. The population of Sarasota County in 2010 was 379,448. Just before the start of the pandemic, in 2019, the county’s population hit 423,933. Last year, the population jumped to 452,373. The population in 2022 represents a 19.2% increase since 2010, and a 6.7% increase since 2019.
LeFevre said that boat sales overall may be cooling off a bit throughout the country, but they are cooling much slower in this area. And things aren’t completely back to normal, either. Miller mentioned that bigger boats are still under pressure.
People want to come to areas like Longboat Key because of the environment, Miller said, and boating seems to be a go-to for some people moving to Florida’s coastal areas.
“Boating is exceptional here, and I think that’s going to continue. I think as people continue to move here, they’re going to want to buy boats and get out on the water,” Miller said.
