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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Shipbuilding

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
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: 0.2254 sec (4 req/sec)