As we continue through a year of Home Port Economic Impact studies as they relate to Puerto Peñasco, this is a good time to review some statistics that have been released over the period and, if covered, warrant reiterating to keep us in tune with the sheer size of the industry that is about to take us under its wings of wondrous adventures and imagination. We speak of course of the cruise industry.

It is an industry that seems to have done everything right from the very beginning, even though it started without a plan other than to take 241 very deserving, and wealthy, passengers on an extended cruise of the Mediterranean back in 1891. This marked what is officially recognized as the inception of the cruise industry, an industry that continued to grow, contributing to world economies until 1970, the year the industry carried 500,000 passengers, literally slinging it into "Critical Mass", when growth takes on a life of its own, and cruising has never looked back since.

In 2013 an estimated 21.3 million passengers embarked on cruises from 2000 cruise ports worldwide contributing $117 billion to the economy and supporting 891,000 jobs paying $38.5 billion in income around the world.

Even with only 30 of the world's 2000 cruise ports, North America remains the dominant market with a global share of 55.5%. The U.S. truly drives the world's cruise market, contributing $44.1 billion to the U.S. economy generating 363,133 US jobs paying wages of $18.3 billion. The cruise industry impacted the economies of all 50 US states in 2013. 

Considering the unstable world economy over the last few years, including in the US, these figures are nothing less than astonishing. And if these numbers aren't enough to float your ship, consider that there are no less than 30 new cruise ships on firm order for delivery by 2020, 17 of which, worth nearly $12 billion, are scheduled for delivery by the end of 2016, that's an investment of more than $250,000 per luxurious cabin!

With the industry's fearless foray into spending without limit on developing high technology to bring more incredibly imaginative amenities, experiences and attractions on board these colossal vessels, the scenario only gets more exciting, as we've hinted at in previous articles, and will continue to cover in the future.

Down by the Pier 

Every time we look towards the pier, it is exciting to see the equipment traversing territory from beach to sea. Our kind and knowledgeable guru, Wendy Winzer, Project Administrator, tells us that it may look like they are working the pier 24/7,  but the crews are actually working the concrete cube site 24 hours a day in two shifts. They are pouring 150 cubes per day using 200 small (one ton) molds and 58 big (10 ton) molds.

All the cubes so far are being placed to reinforce the existing part of the pier and no significant length has been added. The lighter colored cubes create an illusion that the pier is being extended.

Wendy was pleased, even excited to let us know that not only are the cubes fitting in as they had planned, but marine life is abundant, even during construction, and increasing with the change of the season around the pier. She said, "We get seals, turtles, dolphins, tons of different species of birds and ducks, and many schools of fish."

Wendy added, "We now have poured 8200 one ton cubes and 1100 10 ton cubes, of which 2000 have been placed on the pier already. This puts us right on schedule.

"The company is doing their best effort in every possible way to be on schedule and meet the intended goals. We do plan to increase the workforce and increase the equipment as needed as we continue pouring concrete cubes, placing them on the pier and dumping rock from the quarry."

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The steady decline in the value of the peso over the past six months has been good for exports, tourism and expats who bring United States dollars into the country. Until yesterday, when the trend was reversed, the peso's value against the dollar was down nearly 20% since last September.

It advanced 1.3% yesterday after the U.S. Federal Reserve dropped growth estimates and forecasts for interest rates and inflation, triggering a fall in the dollar. The peso closed at 15.13.

But what does it mean for the Mexican economy in general? Opinions are divided.

Experts consulted by México ¿cómo vamos?, an organization whose mission is to promote accelerated and sustained economic growth, recently debated the strengthening dollar's impact on economic growth in Mexico.

Sixty percent believed the peso's depreciation will have a negative effect on the economy, while 40% believed the impact will be positive.

Isaac Katz is a professor at the Autonomous Technological Institute of Mexico (ITAM), a private Ph.D.-granting research university located in Mexico City. Jonathan Heath is a professor and lecturer at multiple universities who has served as the principal economist on Mexico at various global financial institutions and international consultancies.

Katz and Heath proposed that the dollar's appreciation will have a negative effect on private consumption and investment. What's more, they argued, it will lead to increasing inflation, reducing salaries' buying power, and rising tax rates.

Rodrigo García Verdú, one of the forum's experts on macroeconomic surveillance and economic policy-making, believes that the important thing "to know is what will happen to the real exchange rate (RER)." The nominal exchange rate measures a unit of currency's worth versus another unit of currency.

The RER however, indicates the purchasing power of a currency relative to another at current exchange rates. In other words, the RER measures how many goods or services in one country can be traded for the same goods or services in another.

Juan Ignacio Gil-Antón, director of corporate insurance at Grupo Nacional Provincial (GNP) and a México ¿cómo vamos? specialist, observed that a lot of currencies that are stronger than the peso are losing value against the dollar.

"It could be that we bounce back, relative to other currencies, and become more expensive."

Those who believed that the depreciation of the peso will have a positive effect on Mexico's economy argued that "depreciation, when real, always grants an economy competitiveness."