The analysis is progressing, with a comprehensive report expected by June/July. Eco Sustainability, led by Guy Chester, was selected to conduct the study, partnering with Acorn Consulting’s economist Kevin Millington. As of now, the data collection process is complete, and the data is being meticulously processed and analysed.
The study aims to categorise vessels accurately and provide comprehensive economic insights. Initial findings indicate significant contributions from various types of yachts and their crews, highlighting the substantial economic impact on the island. The data also includes insights from major events like the St. Maarten Heineken Regatta and contributions from the air charter sector. These findings underscore the critical role of the marine and tourism industries in St. Maarten’s economy.
How the Study Came About
This study will provide valuable insights and support informed decision-making, ensuring a robust future for St. Maarten’s economy. Stay tuned for the full report and detailed analysis in the coming months.
In late 2022, the IGY Marina group initiated an economic impact study to gather essential data on St. Maarten. This effort aimed to address the significant data gap, which had been a challenge for the St. Maarten Marine Trades Association (SMMTA) during discussions with the government. The only existing data was from a 2012 study, highlighting the need for updated information.
Recognising this need, the SMMTA commissioned the study, with significant contributions from the IGY Marina group, Port St. Maarten, St. Maarten government and Yacht Club Port de Plaisance. The government’s involvement was crucial to ensure an unbiased outcome. A project management committee was formed, comprising of representatives from the SMMTA, the government, and the Port, to oversee the study.