Recreational fishing is playing a greater role in the overall U.S. economy, according to a report from the American Sportfishing Association. The report, "Sportfishing In America: A Reliable Economic Force" finds, that as of 2020, excise taxes derived from sport fishing expenditures amounted to $650 million. 

Combined with the $752 million generated through the sale of state fishing licences and $283 million in private donations, recreational anglers generate a total of $1.7 billion annually to support and improve fisheries conservation.

According to the latest stats, there are approximately 74 million anglers in the U.S., of which 50 million hit the waters each year.

As a result, more than $51 billion is generated in retail sales each year. The report noted that fishing is now one of the top recreational sports in America, surpassing golf and tennis combined. If fishing were a company, the amount spent by anglers to support fishing-related retail sales would rank #51 on the Fortune 500 list. 

Revenue generated by fishing, reached $47 billion annually and is now outpacing that of some of America’s biggest industrial and tech companies including Lockheed Martin ($46.9 billion), Intel ($43.6 billion), Chrysler ($41.9 billion) and Google ($37.9 million). 

The U.S. has seen significant economic and preservation benefits from fishing since 1950. During this time, the Federal Aid in Sport Fish Restoration Act was adjusted to require anglers to pay an excise tax on fishing gear. 

In 1985, those taxes were expanded to include boat fuel. Since then, the funds are distributed to state fish and wildlife agencies each year to help fund projects and programs that directly benefit fish habitat and continue to provide safe and clean spaces for anglers, boaters and other recreational water enthusiasts.