The Economy
For much of Beaufort’s history, the commercial fishing and tourism industries coexisted. However, external forces outside of local control caused the economic importance of these two industries to diverge. Beginning in the 1980s, as fish stocks declined and there were consecutive years of bad commercial catches, the volatility of commercial fishing became increasingly apparent (16). Revenue from the tourism industry offered economic respite and the town began making greater investments in this industry (28). As this industry expanded, new amenity migrants came to town. As these seasonal residents turned into permanent ones, their higher incomes and wealth resulted in an increase in the cost of living (28, 5).
Employment Distributions
Despite the fact that commercial fishing used to employ hundreds of people (17, 9), employment in this sector has slowly declined over time. Additionally, as tourism and recreation became more of an economic staple, employment in this sector increased.
Employment in the Natural Resources Sector
(22)
(32)
Employment in the Tourism Sector
(22)
(32)
Cost of Living
As Beaufort’s community composition was made up of more and more second homeowners and retirees, the economic value of the community shifted as well. Amenity migrants typically have higher incomes than local residents who still rely on productivist activities. The increased value of waterfront property and greater economic means of its new residents raised the cost of living within the town. As shown below, a property revaluation in the 1980s dramatically increased the town’s tax base.
Increase in Tax Base
(28)
As evidenced by Beaufort’s history of commercial fishing, there were many forces that contributed to the decline in the profitability of this industry. For example, globalized trade devalued local commercial catches, making it difficult for fishers to cover the costs of maintaining their livelihoods (16, 9); technological advancements in mechanical fishing gear, such as the power block and spotter airplanes, rendered large menhaden crews obsolete (9); and across the global stage, there has been an increase in fisheries regulations. These compounding effects can contribute to productivist activities losing their economic and community importance (7). As a result, many of the residents who were engaged in this industry were forced to relocate to find other opportunities (9).
Due to the declining viability of the town’s commercial fishing industry as well as the influx of new residents, Beaufort started to take measures to find other employment opportunities. The town gained a reputation as a place to retire and as the community composition recalibrated, new economic opportunities developed (27). Due to the increase in the town’s tax base and the number of wealthier visitors and residents, local businesses started to cater to more affluent people (7, 28). Tourism and recreation were increasingly viewed as more economically stable and compatible within Beaufort Now’s community (10). These changes in employment sectors represent a shift away from a dependence on commercial fishing and a move to restructure traditional uses of property for the purposes of retail and service. While the ocean and coastal life still drive local businesses, Beaufort’s commercial fishing industry has been pushed to the fringes and is not a major contributor to Beaufort’s economy.