RVIA Economic Impact Study

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 .

RV Sales Surge Because of New Types of RV Buyers

Mon Apr 24, 2017

EARLY spring is the main selling season for recreational vehicles and the phone on Tom Troiano’s desk has been ringing incessantly. The owner of Continental RV, a dealership in Farmingdale, New York, a village on Long Island, Troiano is on track to sell more RVs this year than in any other since the early 2000s. Buoyed by cheap financing, rising wages and inexpensive gas, travellers are once again splurging on big-ticket camper vans.

RVs are a quintessentially American invention: more than two-thirds are made in the United States. Nationally, sales surged to 430,000 units last year, a 40-year high. At the inexpensive end they sell for as little as $5,000 for a caravan; deluxe versions cost up to $1 million and are typically equipped with a bedroom, kitchen and bathroom that are bigger than in many European flats. The share prices of Thor Industries, the biggest RV-manufacturer in America, and Winnebago, the third-largest, have risen by 43 percent and 17 percent, respectively, in the past year, according to a story by The Economist.

That is a big change. During the 2008-09 recession, Troiano says RV dealerships everywhere closed down, leaving his shop among the very few left serving the New York metropolitan area. The current rebound is mostly owing to the economy’s recovery, but it also springs from the fact that new types of customers are embracing the lifestyle.

A decade ago, the average age of an RV-owner was 49, and more than 90 percent were white, says Kevin Broom of the Recreational Vehicle Industry Association, an industry body. That didn’t bode well for the future. But stereotypes are being dented. Anecdotal reports suggest that ethnic minorities now make up around a sixth of all new customers, Broom says. The fastest-growing customer demographic is 35- to 44-year-olds. Another boost comes from affluent immigrants, who are keen to experience long, self-planned road trips in America. Troiano’s most recent big sale was to a rich Asian family.

Additional Information: http://www.economist.com/news/business/21721224-rv-sales-america-are-40-year-high-new-types-driver-embrace-recreational-vehicle