To account for income generated by commercial fishing businesses in the 

 Looe Key area other than the direct income earned by the fishermen, a regional 

 multiplier was used. Using the economic value of commercial fishing in 

 Boundary Alternative #2 ($755,690) and the appropriate regional multiplier 

 from the Bureau of Economic Analysis USDC, 1977, the economic effect on the Lower 

 Key economy of the fishing effort was reported to be $1,446,390 in 1978. 



2. Commercial Recreational and Educational Businesses 



Looe Key Coral Reef has come to be recognized as one of the more popular 

 snorkeling and diving sites in the Florida Keys. Businesses have sprung up 

 to serve the divers and others wishing to take advantage of the high recrea- 

 tional potential of the area. 



Revenue from charter dive boat trips appears to be the major income 

 producing activity outside of commercial fishing directly utilizing Looe Key 

 reef. Other income producing businesses, such as marinas and fishing lodges, 

 rent boats and equipment. 



The Newfound Harbor Marine Institute on Big Pine Key, a non-profit 

 organization offering one of the most comprehensive marine educational oppor- 

 tunities in the Florida Keys, focuses upon the nearby Looe Key coral reef 

 and other coral assemblages in the general vicinity for year round teaching. 

 Seacamp, a part of the Institute, offers a variety of educational programs 

 to students in the 4th grade through graduate school. Between 5,000 and 

 6,000 persons participated in the 3 to 30-day programs in 1978. 



The Onsite Survey estimated revenue from dive boat trips to be between 

 $150,000 and $250,000 in 1978. This represents income from an estimated 

 7500 divers who charter dive boats annually, according to the Survey. 



Divers charter boats, stay in hotels, motels and fishing lodges, visit 

 restaurants, frequent marinas and purchase air and diving equipment. These 

 economic multiplier effects were taken into account by using a regional 

 service sector multiplier. The multiplier selected for these commercial 

 dive boats was 3,203 (BEA 1977, p. 44). Thus, the total economic value of 

 commercial recreational businesses was estimated to be between $480,450 and 

 $800,750. Almost all of this income was derived from the 5 sq nm Boundary 

 Alternative #2 since the most utilized coral areas were found within the 5 

 sq nm boundary. 



No attempt was made to estimate the economic value of Seacamp and the 

 activities of the Newfound Harbor Marine Institute although its apparently 

 significant economic value was considered in the development of regulations 

 for the sanctuary. 



3. Tropical Specimen Industry 



A preliminary unpublished draft study of the "Aquarium Reef Fish Industry 

 of Monroe County, Florida" based on 1976 and earlier data (Hess/Stevely) was 

 prepared for the Marine Resource Inventory Monroe County, Marine Advisory 

 Program of the Florida Cooperative Extension Service, and submitted in 1979. 



62 



