U.S. Shipbuilding Supports $36B in GDP

MarineLink.com
Wednesday, June 19, 2013

The U.S. Department of Transportation’s Maritime Administration (MARAD) said that the nation’s shipyards support $36B in gross domestic product, as part of a report on the U.S. shipbuilding and repair industry issued today. Acting Maritime Administrator Paul “Chip” Jaenichen shared the findings of the report, The Economic Importance of the U.S. Shipbuilding and Repairing Industry, at the FuturePorts Annual Conference in Long Beach, California.

“Shipyards create quality jobs and support economic growth far beyond our nation’s ports and waterways,” said U.S. Transportation Secretary Ray LaHood. “This report shows that wherever you live across the country, Americans benefit from opportunities generated by the shipbuilding and repair industry.” 

The report notes that although most shipbuilders are located in coastal areas, the direct and indirect economic benefits reach all 50 states.  In 2011, the nation’s more than 300 shipyards directly provided more than 107,000 jobs, $7.9 billion in labor income to the national economy and contributed $9.8 billion in Gross Domestic Product (GDP). In addition, the average income for these industry jobs, $73,000, is 45 percent higher than the national average.  On a nationwide basis, including direct, indirect, and induced impacts, the industry supported 402,010 jobs, $23.9 billion of labor income and $36 billion in GDP.

The Obama Administration recognizes the economic importance of the maritime industry and has provided historic levels of funding to improve shipyards across the nation. Since 2009, the Department of Transportation has provided nearly $150 million to improve infrastructure at U.S. shipyards through its small shipyard grant program. 

“Our shipyard investments go directly toward an industry that’s vital to our economic security and national defense,” said Acting Administrator Jaenichen.

The report notes the U.S. shipbuilding industry has run a trade surplus in six out of the last ten years, with a cumulative trade surplus of $410 million over this period. The report also shows that from 2010 to 2012, deliveries of vessels of all types, including tugs and towboats, passenger vessels, commercial and fishing vessels, and oceangoing and inland barges, exceeded 1,200 vessels per year, reaching 1,457 vessels in 2011.
 

The report, The Economic Importance of the U.S. Shipbuilding and Repairing Industry, can be found at http://www.marad.dot.gov/documents/MARAD_Econ_Study_Final_Report_2013.pdf


 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Shipbuilding

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1999 sec (5 req/sec)