Funding to Modernize and Increase Productivity
The U.S. Department of Transportation’s Maritime Administration (MARAD) has announced $8.75 million in grant awards to 15 small shipyards across 12 states through the Small Shipyard Grant Program. These funds are aimed at helping shipyards modernize their operations, increase productivity, and expand local job opportunities, allowing them to compete more effectively in the global marketplace.
“Small shipyards are integral to the strength of America’s supply chains and the maritime industry,” said U.S. Transportation Secretary Pete Buttigieg. “With the grants announced today, The Biden-Harris Administration is delivering funding to create jobs in cities and towns across the country, strengthen our commercial fleet, and add power to our national economy.”
Economic and National Security Impact
The shipbuilding industry plays a crucial role in enhancing the United States national and economic security. Beyond the direct output and employment generated by the industry, shipbuilding companies purchase inputs from other domestic industries, thereby contributing to economic activity in those sectors. Nationwide, shipbuilding directly provides over 100,000 jobs and contributes over $40 billion to GDP.
“Continued investment in our small shipyards enables them to acquire the cutting-edge technologies needed to remain competitive in America’s maritime industry,” remarked Maritime Administrator Ann Phillips. “These grants stimulate economic development by boosting opportunities for good jobs in the communities where shipyards are located.”
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Source: United States Department of Transportation
