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 .
Fri Feb 23, 2018
The Canadian Recreational Vehicle Association (CRVA) reports that the total combined RV wholesale shipments into Canada for 2017 increased by 28.37 percent over the same period in 2016.
According to CRVA, most segments saw major increases, including travel trailers (+27.48 percent), fifth-wheels (+26.87 percent), all classes of motorhomes combined (+45.02 percent), folding campers (+25.34 percent) and truck campers (+15.08 percent).
CRVA claims its wholesale shipments surpassed RVDA of Canada’s reported retail activity in 2017 in every category. Total shipments combined were 54,300 against RVDA of Canada’s retail total of 49,114, indicating rising inventory levels increasing in Canadian RV dealerships.
The Canadian RV Industry enjoyed a relatively stable Canadian dollar in 2017, but according to the Business Development Bank of Canada, there are three factors currently in play when forecasting the strength of the dollar in 2018. First, oil and gas industries represent about 10 percent of Canada's economy. The demand for oil-related products (priced in U.S. dollars) creates demand for the Canadian dollar, and the higher the oil price, the more that Canadian dollars are in demand. Second, Canada had a strong economic performance in 2017 and the Bank of Canada hiked interest rates twice, while the tax plan approved by the U.S. Congress in late 2017 should further stimulate the U.S. economy and encourage the Federal Reserve to make more rate hikes in 2018. Finally, the uncertainty over the fate of NAFTA will continue to have a negative impact on the Canadian dollar until a new deal is negotiated or NAFTA collapses.
“On a bright side, we have seen impressive attendance and retail activity numbers during most of our Canadian RV Shows thus far in 2018 and are inspired by the higher shipments of folding trailers and small lightweight RVs, ” say Shane Devenish, CRVA executive director. “Go RVing Canada’s marketing programs are getting the desired attention from younger consumers and first-time buyers like in the United States."