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 .
Thu Nov 3, 2016
Elkhart, Ind. – Drew Industries, parent company of Lippert Components, a leading original equipment supplier for recreational vehicles, adjacent industries, and related aftermarkets, has reported consolidated net sales in the third quarter increased to $412 million, 19 percent higher than the 2015 third quarter.
Net income was $29.8 million, or $1.19 per diluted share, for the third quarter, compared to net income of $17.3 million, or $0.70 per diluted share, for the third quarter of 2015.
The increase in net sales reflects industry-wide growth in wholesale shipments of towable RVs by OEMs, which contributed 14 percent of the net sales increase in the third quarter of 2016. The increase was enhanced by acquisitions, which added $13 million in net sales in the third quarter of 2016.
Drew increased net sales to the aftermarket in the third quarter by more than 21 percent to $36 million. The company's content per travel trailer and fifth-wheel RV for the quarter rose by $73 from $2,952 last year to $3,025 this year.
The company's content per motorhome RV increased by $150, from $1,807 last year to $1,957 this year. The content increases are a combined result of market share gains, acquisitions, new product introductions and changes in the types of RVs produced industry-wide.
“RV industry volume continues to out-pace 2015, as 2016 third quarter wholesale travel trailers are up nearly 21 percent and fifth-wheels are up over 17 percent,” Jason Lippert, Drew's Chief Executive Officer, says.
“Travel trailer sales momentum has continued as the industry attracts a new generation of RV enthusiasts,” Lippert says. “We are also pleased to see fifth-wheel wholesale units up approximately 2,500 units and 3,500 units over the third quarter and the first nine months of 2015, respectively. A 14 percent increase in wholesale shipments of motorhome RVs also contributed to the third quarter growth.”
Over the twelve-month period ending September 2016, retail sales of travel trailer and fifth-wheel RVs increased an estimated eight percent to over 337,000 units. Wholesale and retail unit sales during this period were closely aligned. Based on the retail sales strength experienced through the first nine months of 2016 and the current outlook from several RV OEMs and their dealer networks, most industry analysts continue to report RV dealer inventory is in line with anticipated retail demand.
“Our operating profit in the third quarter of 2016 improved to $45.1 million, compared to $27.2 million in the third quarter of 2015,” according to Scott Mereness, Drew's President. “Strong industry growth, lower costs for certain key commodities, accretive acquisitions completed over the last 12 months and a focus on cost management, lean initiatives and other operational efficiencies, continue to contribute to profit improvement.”