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 .
Wed Nov 2, 2016
Southfield, Michigan — Sun Communities, Inc. a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, reported third quarter total revenues increased $64.3 million, or 34.7 percent, to $249.7 million compared to $185.4 million for the same period in 2015.
Net income available for common stockholders was $18.9 million, or $0.27 per diluted common share, as compared to $28.8 million, or $0.53 per diluted common share, for the same period in 2015.
For the year-to-date, total revenues increased $108.6 million, or 21.4 percent, to $615.1 million compared to $506.5 million for the same period in 2015. Net income available for common stockholders for the nine months was $19.0 million, or $0.30 per diluted common share, as compared to $47.9 million, or $0.90 per diluted common share, for the same period in 2015.
"Our strong third quarter results demonstrate the consistent growth profile of our portfolio. With home sales solidly ahead of last year in both the third quarter and year-to-date, the ongoing demand for manufactured housing in our high quality communities is clearly evident," Gary A. Shiffman, Chairman and CEO says.
"I am pleased with the integration of the Carefree assets, which are performing ahead of expectations, as we employ our experience and expertise as a consolidator in this space,” Shiffman says. “With both site expansion opportunities, and selective acquisitions such as the four communities purchased during and subsequent to the quarter, we continue to be well-positioned to drive ongoing growth across our platform."
During the quarter, the company acquired four communities for total of $41 million, located in Colorado, Michigan, New York, and Virginia, containing 964 RV sites with an expansion potential of approximately 400 sites.
These resorts are located in high demand destination locations and will undergo re-positioning or expansion activities to fully realize the inherent value in the zoned and entitled land that was previously under-managed or under-utilized.
The Company anticipates full year growth of 6.7 percent to 6.9 percent. This revised outlook reflects transient RV revenues which were impacted by weather in a few communities in the third quarter, along with higher real estate tax assessments on a year to date basis.