May 7, 2020 — An economic study from the Science Center for Marine Fisheries shows the East Coast squid fishery lands more than $30 million in direct income annually but generates some $243 million in total economic output for New England and the Mid-Atlantic states.
The study, conducted for the center for science and industry research by Andrew Scheld of the Virginia Institute of Marine Science is welcomed by industry advocates, who say there have been few attempts to quantify the fishery’s total economic impact.
His work pulled in data “collected from seafood processors and independent vessels, combined with well-established economic impact models to determine the fishery’s employment, revenue, and overall economic contributions,” according to a statement from the science center announcing the findings.
The report could be critical to the squid fleet and processors who are trying to get a bigger say in how offshore wind energy is developed off southern New England and the Mid-Atlantic. Early on as the Bureau of Ocean Energy Management began considering wind developers’ proposals, fishermen pointed out the NOAA landings data going into that analysis lowballed the squid sector’s real value to the economy and jobs.
“It just goes to show the regulators, the folks making the decisions and the wind industry that you cannot rely on ex-vessel value (of squid landings) alone,” said Meghan Lapp, fisheries liaison for Seafreeze Ltd. In North Kingstown, R.I.