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Economic Impacts of the Seafood Industry in the Gulf of Mexico States

Economic Sectors

  1. The commercial harvesting sector corresponds to “finfish fishing” and “shellfish fishing” in the North American Industrial Classification System. 
  2. The seafood processing sector primarily corresponds to “seafood canning” and “fresh and frozen seafood processing” in the North American Industrial Classification System. 
  3. The seafood importing sector was added to the seafood industry starting in 2009. Estimates made in 2006 to 2008 do not include this sector.
  4. The seafood wholesaling sector corresponds to “fish and seafood merchant wholesalers” in the North American Industrial Classification System.
  5. The seafood retailing sector corresponds to “fish and seafood markets” in the North American Industrial Classification System.
  6. The eating and drinking places sector includes “full-service restaurants” andlimited-service restaurants”in the North American Industrial Classification System.

Components of Economic Impacts

The total economic impact is the sum of direct, indirect and induced impacts.

  1. Direct impacts express the economic impacts in the sector in which the expenditure was initially made.  
  2. Indirect impacts result from changes in economic activity of other industrial sectors which supply goods or services to the sector being evaluated.
  3. Induced impacts are the result of personal consumption expenditures by industry employees.

Types of Economic Impacts

The income, value-added, and output impacts are expressed in dollars for the year specified by the user.  

  1. Output or sales is the gross sales by businesses within the economic region affected by an activity.
  2. Labor income includes personal income such as wages and salaries and proprietors’ income or income from self-employment. 
  3. Employment impacts are expressed in terms of a mix of both full-time and part-time jobs.

Sales