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 Feb 15, 2018
Patrick Industries, Inc., saw fourth quarter net sales increase 47 percent over 2016, with its RV segment accounting for a major part of that surge, with a 44 percent increase in the fourth quarter, ending Dec. 31, 2017.
Net sales for the fourth quarter of 2017 increased $151.7 million to $475.6 million, up from $323.9 million over the same quarter in 2016, according to the Elkhart, Indiana, company The increase was attributable to industry growth, acquisitions, geographic expansion efforts, and market share gains for the company, a major manufacturer and distributor of component and building products for the RV, manufactured housing, marine and industrial markets.
Company's revenues from the RV industry, however, were a primary driver, representing 68 percent of fourth quarter 2017 sales, according to the company. RV industry wholesale unit shipments increased approximately 19 percent in the fourth quarter of 2017 compared to the prior year.
"We are pleased with our operating and financial performance in the fourth quarter, which was driven by the continued strength in all of our primary markets, the continued dedication and commitment of our team members, targeted geographic and product expansions, and the successful execution of strategic acquisitions, including our latest acquisitions of Indiana Transport, LMI, and Nickell Moulding in the fourth quarter of 2017,” says CEO Todd Cleveland.
Revenues from the RV industry, which represented 13 percent of fourth quarter 2017 sales, increased 30 percent from the fourth quarter of 2016, while wholesale unit shipments in the RV industry rose approximately 15 percent for the same period.
Revenues from the industrial market, which is tied primarily to residential housing, commercial construction, and institutional furniture spending, increased 37 percent. The industrial market accounted for 11 percent of the company's fourth quarter 2017 sales. Revenues from the marine industry represented 8 percent of the company's fourth quarter 2017 sales and nearly tripled compared to the fourth quarter of 2016.
"Momentum and discipline have remained strong in the RV industry, with double-digit quarterly wholesale unit shipment growth in each quarter of 2017 and full year shipments finishing the year at over 504,000 units," states president Andy Nemeth. "At the same time, the increase in wholesale production levels is aligned with RV retail traffic, sales increases, and seasonal demand patterns, supporting balanced retail inventories in anticipation of a solid 2018 selling season.”
To read the entire report, CLICK HERE.