More than $4 billion in new investments aimed at expanding U.S. shipbuilding and maritime manufacturing were announced during the Pennsylvania Defense and Innovation Summit held July 14-15 at the U.S. Army War College in Carlisle, Pa.
Hosted by Sen. Dave McCormick (R-Pa.), the summit brought together defense, maritime, manufacturing, finance, and government leaders to announce nearly $10 billion in investments supporting more than 4,000 jobs across Pennsylvania.
Among the maritime-related announcements, Philadelphia-based Rhoads Industries and General Dynamics Electric Boat unveiled a 10-year, $2.5 billion strategic manufacturing agreement to support U.S. Navy submarine construction at the Philadelphia Navy Yard. The agreement is expected to support approximately 1,350 jobs through 2035.
Hanwha Philadelphia Shipyard also announced new orders for the National Security Multi-Mission Vessel (NSMV) program through the U.S. Department of Transportation's Maritime Administration (Marad). The vessels represent approximately $1.5 billion in program value and are expected to support more than 2,000 jobs at the Philadelphia shipyard.
JPMorganChase announced nearly $25 million in financing and grants to strengthen Philadelphia's shipbuilding and maritime manufacturing sector. The package includes $18 million in loans and investments and nearly $6 million in grants that will help expand a submarine manufacturing facility projected to create 450 permanent jobs, train hundreds of workers, and support as many as 100 maritime suppliers.
The investments were among more than 30 announcements made during the two-day summit, which focused on strengthening the U.S. defense industrial base through manufacturing, workforce development, shipbuilding, and emerging technologies.
More than 1,300 attendees, including over 600 executives representing more than 500 organizations, participated in the inaugural summit.
"Pennsylvania has powered American defense since the Army, Navy, and Marine Corps were founded in Philadelphia in 1775," McCormick said in a statement. "This week, that legacy translated into results with nearly $10 billion in new investment and supporting over 4,000 jobs for Pennsylvania workers."
