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The Contribution of the North American Cruise Industry to the U.S. Economy in 2009

The Contribution of the North American Cruise Industry to the U.S. Economy in 2009

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Published by Pablo Alarcón
The Contribution of the North American Cruise Industry to the U.S. Economy in 2009. Cruise Lines International Association - BREA (Business Research & Economic Advisors) June 2010.
The Contribution of the North American Cruise Industry to the U.S. Economy in 2009. Cruise Lines International Association - BREA (Business Research & Economic Advisors) June 2010.

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Published by: Pablo Alarcón on Feb 08, 2011
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Business Research & Economic AdvisorsP.O. Box 955Exton, PA 19341
The Contribution of the North American CruiseIndustry to the U.S. Economy in 2009
Prepared for:
Cruise Lines International AssociationJune 2010
 
BREA
 
Business Research &Economic Advisors
 
 
Cruise Lines International Association 2009 U.S. Economic Impact Analysis Business Research and Economic Advisors Page
1
July 2008
Table of Contents
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Cruise Lines International Association 2009 U.S. Economic Impact Analysis Business Research and Economic Advisors Page
2
June 2009
Executive Summary
Clearly, 2009 was the most challenging year faced by the North American cruise industry inrecent memory. The global economic downturn, which many have called the Great Reces-sion, officially began in the United States in December 2007. While no official date has beenset for its conclusion economic data released by the federal government suggests that it likely concluded during the third or fourth quarter of 2009 when the growth in real gross domesticproduct turned positive. However, even as Gross Domestic Product (GDP) rebounded, em-ployment continued to fall and the unemployment rate continued to increase through De-cember 2009. By the end of 2009, total U.S. employment had fallen by 5.5 million jobs fromthe end of 2008 and 6.2 million from the end of 2007. Similarly the national unemploymentrate rose from 5.4% in December 2007 to 7.4 in December of 2008 and to 10.0% in De-cember of 2009. Thus, most of the negative impacts of the recession occurred during 2009. With the deteriorating labor market, especially during 2009, real (inflation adjusted) consum-er expenditures began to contract, falling by 0.25 percent in 2008 and 0.6 percent in 2009.Spending for discretionary goods and services was even more negatively impacted. During 2009, real consumer expenditures for transportation services fell by 3.7 percent, recreationspending declined by 1.3 percent and spending for food services and accommodations fellby 2.9 percent. Thus, the cruise industry and the entire travel and tourism sector were oper-ating in an economic environment in 2009 in which consumers were steadily reducing theirspending particularly for discretionary services. The challenge of filling cruise ships in this environment was made more difficult by the factthat the industry experienced acceleration in capacity growth from 2008. On a net basis, theNorth American fleet added six ships with a combined
5.2 percent increase in lower berth ca-pacity to 284,754 berths. A total of 11 new ships were added while 5 ships were removed fromthe fleet. The major additions included: RCCL
Oasis of the Seas
(5,400 pax);
Carnival Dream
(3,652);
 MSC Splendida
(3,300); Costa
Pacifica
(3,000);
Celebrity Equinox (
2,850); and
Costa Luminosa
(2,260). The principal removals included: RCCL
Sovereign of the
Seas (2,274);
Cele-brity Galaxy
(1,870);
Carnival Holiday
(1,462); and
 Norwegian Majesty
(1,460
 ). As indicated in
 Table ES-1
, the net increase in ships and lower berths resulted in a 3.8 per-cent increase in the number of available bed days in 2009. Even with the decline in consum-

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