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


 


People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Shipbuilding

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Vard Bags Hapag-Lloyd Cruises contract for 2 Vessels

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured contracts

Finance

Yangzijiang Shipbuilding to Slash 2,000 More Jobs

Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up

Australia Warns DCNS after Security Breach

Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines,

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1240 sec (8 req/sec)