Report: Channel Islands Harbor’s economic benefit is $159 million
June 28, 2018
Study also says recreational boating venue supports more than 900 jobs.
OXNARD — The businesses and tenants of Channel Islands Harbor in Oxnard total economic impact of more than $159 million in 2016, according to a report just published by California Economic Forecast.
Channel Islands Harbor was directly responsible for $74 million of direct economic impact on the Ventura County economy for 2016, the June 18 report continued.
The harbor also facilitated 920 full-time-equivalent jobs, according to the released report, including those work at Ventura County’s Harbor Department.
“The most visual and apparent activity of the harbor are the marinas, with more than 2,100 slips for berthing of small boats. In 2016, the marinas were 70 percent full,” the report stated. “The business activities which support the principal marine recreation activity for boat owners and visitors include restaurants, shops, the yacht clubs, the Maritime Museum, boating services, excursions and supplies, and the other visitor amenities.”
The highest performing business category in 2016 was dining, which grossed in an estimated $19 million in sales. Real estate was the next highest performing category at nearly $12 million in gross sales.
Marinas – ranked third – grossed in more than $8 million in sales for 2016.
The remaining categories, in rank order of gross sales, were boating services, hotels, sportfishing, commercial fishing, personal services, other recreation, boat sales, yacht clubs, other retail, healthcare, insurance, boating supplies, education and home services.
“At the Channel Islands Harbor the principal economic activities are clearly the marinas, the visitor and resident business services, fishing and housing,” the California Economic Forecast report stated. “The marina activity includes recreational boats that are moored as well as transient recreational boating activity at the harbor owned marinas.”
The three yachts clubs at Channel Islands Harbor have an estimated 350 members.
Channel Islands Harbor could see reach a total market value of $92 million by 2021, according to the California Economic Forecast report.
“The annual compound rate of growth in sales from harbor businesses was 6.3 percent between 2012 and 2016. Assuming a more conservative rate of growth that averages 4.2 percent per year over the next five years, the total market value of harbor sales activity is on pace to reach $92 million by 2021,” California Economic Forecast stated in its report.
Channel Islands Harbor is home to nine full-service marinas and 2,150 slips for commercial fishing, pleasure craft, yachts and other recreational activities. Also on-site restaurants, retail shops, harbor cruises, marine supplies and a fuel dock. It occupies more than 300 acres of land and water in Oxnard.
The California Economic Forecast report added there are 74 liveaboards living in Channel Islands Harbor’s marinas.
Ventura County’s Board of Supervisors were presented with the California Economic Forecast report at its June 18 meeting. The report, according to the county’s Harbor Department, “quantified the economic benefits generated by businesses at the Channel Islands Harbor including jobs, earnings, sales, and taxes.”
California Economic Forecast is a research firm based in Santa Barbara; Ventura County’s Harbor Department commissioned the firm to perform the economic study.
Replacing the Casa Sirena building with a new hotel and restaurant and the redevelopment of Fisherman’s Wharf would also have a positive economic effect on Channel Islands Harbor, according to the study.
These projects would “increase direct economic activity at the Harbor by more than 60 percent,” Harbor Department staff stated.
“When operational, these … new developments will account for 409 direct new jobs at the harbor, and $32.7 million in new output,” the California Economic Forecast report stated. “The principal economic activity of the Fisherman’s Wharf project is the accommodations of 400 new families in apartments and their spending at the harbor and in the greater Ventura County economy.”
