Jones Act is Critical to Conn. Economy

Posted by Eric Haun
Thursday, August 28, 2014
Sen. Richard Blumenthal (left) and Rep. Joe Courtney (Photo: American Maritime Partnership)

Study shows Connecticut shipbuilding industry worth $2.5 billion to state’s economy, supports nearly 23,000 jobs

The American Maritime Partnership (AMP) joined with the Shipbuilders Council of America (SCA) to highlight new data that shows Connecticut ranks fourth among all states in private sector jobs related to the shipbuilding and repair industry. Supported by the Jones Act, which ensures vessels operating in our domestic waterways are U.S.-built, U.S.-crewed and U.S.-owned, Connecticut is home to 22,710 shipyard jobs, according to a recent study by the U.S. Maritime Administration covering both commercial and military ship construction.

Connecticut is home to an estimated 8,870 private sector shipyard jobs making up more than eight percent of the total U.S. private sector shipbuilding workforce. Connecticut shipyards contribute an economic impact of more than $2.5 billion annually in the state worth more than $1.7 billion in worker income each year.

“From major employers like Electric Boat to small private repair facilities, the shipbuilding industry is a powerhouse of the Connecticut economy, employing tens of thousands of people and generating billions in economic growth for our state,” said Sen. Richard Blumenthal (D-Conn.). “The expertise and skill of Connecticut’s shipbuilding and ship repair workforce is world renowned and second to none. I will work diligently to expand and strengthen this vital industry.”

“For eastern Connecticut, shipbuilding is a pillar of our economy and our history. In addition to the thousands of shipyard jobs along the shoreline, there are hundreds of Connecticut companies that form a supply chain for parts, machines and services that are critical to shipbuilding—more than 360 in the submarine supply chain alone,” Rep. Joe Courtney (D-Conn.) said. “The Jones Act strengthens our domestic shipbuilding industry and helps ensure that American ships are made by American workers like the people of eastern Connecticut.”

The U.S. shipyard industrial base in Connecticut and across the nation is vital to America’s national and   economic security. Private U.S. shipyards build, repair, maintain and modernize the largest and most sophisticated Navy and Coast Guard vessels in the world and do the same for the nation’s 40,000 commercial vessels. Across the country, the domestic maritime industry, supported by the Jones Act, sustains more than 478,000 jobs and has an annual economic impact of $92.5 billion according to a study conducted by PricewaterhouseCoopers (PwC) for the Transportation Institute. The industry also accounts for approximately $29 billion in annual wages and $10 billion in tax revenue each year.

“Connecticut’s shipbuilding industry continues the state’s proud maritime tradition,” said Shipbuilders Council of America president Matt Paxton.  “The state’s shipbuilding and repair industry packs an oversized economic punch, while also boosting America’s national security. Each of Connecticut’s shipbuilding jobs supports nearly three other jobs. This robust shipyard workforce and industrial base, as well as the national security and economic benefits that this industry provides, are enhanced by the Jones Act, which is strongly supported by the President, the Navy and every Congress and Administration in modern history.”

americanmaritimepartnership.com
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Oman Drydock Company Expands Rapidly

Oman Drydock Company (ODC) is growing fast. In January, the yard hit an important milestone - its 300th drydocking. Harnessing the power of its new $1.8 billion, 1.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Government Update

Iranian Ship, Crew Escape Captivity off Somali Coast

An Iranian fishing vessel and its crew have escaped after being held captive for five months by Somali fishermen, maritime piracy experts said on Friday, but it

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Logistics

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6434 sec (2 req/sec)