The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Mon Sep 19, 2016
CHICAGO – Several key indicators for the recreational vehicle industry are looking up ahead of the upcoming RV Open House event in Elkhart, Indiana according to a Wells Fargo Commercial Distribution Finance (CDF) analysis of data provided by the Recreational Vehicle Industry Association (RVIA) and Statistical Surveys Inc. (SSI).
According to the CDF team’s observations, the RV industry is experiencing balanced progress and discipline as manufacturers maintain strong growth in shipments and dealers continue to sell through units, according to a press release. RVIA notes that shipments are up 10.8 percent over last year and SSI reports that retail registrations have experienced double digit growth. Additionally, median dealer revenue is up 24 percent according to a CDF dealer analysis.
“Despite a somewhat sluggish economy, interest rate concerns, and a U.S. presidential election year, consumer spending was robust in 2016’s second quarter,” Wells Fargo CDF's RV Group President Tim Hyland says. “Our data shows that dealer inventory turnover is at a strong annual rate of over 2X, and aging is maintaining below 10 percent – a very positive level.”
According to CDF, these numbers are consistent with previous years and are indicative of a healthy market. RVIA is also predicting the industry to grow by 8.3 percent in shipments for the full year, up from just under 6 percent earlier in 2016.
“In 2017, the economy is expected to grow approximately 2 percent,” Hyland says. “Without any unforeseen disruptions, the RV industry should feel good about growth prospects.”