JPMorgan Chase is financing the submarine assembly plant and maritime training
FOX Business’ Edward Lawrence reports live from the Pennsylvania Defense & Innovation Summit, which highlights $10 billion in defense deals and 4,000 new jobs.
As the U.S. merchant fleet has dwindled to less than 190 flagged ships from a peak of nearly 3,000 in the 1960s, a critical national security gap has left the U.S. heavily dependent on foreign shipbuilders.
To help reverse the decline, JPMorgan Chase announced Wednesday that it will invest $24 million in Philadelphia’s maritime sector to help secure defense funding, build a new subsea assembly facility and train thousands of workers in critical defense roles.
“America can compete and lead in shipbuilding again—it starts with a multi-skilled workforce and secure supply chains. We need to train people for the jobs shipbuilders urgently need, connect them to good jobs and strengthen the suppliers and partners that keep the shipyard running,” said JPMorgan Chairman and CEO Jamie Dimon in a press release.
“When we build the workforce and supply chain together,” he added, “we create good jobs for workers and a strong, resilient maritime industry that supports our national security and our economy.”
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“America cannot restore its industrial strength or ensure peace without investing in a strong workforce. Philadelphia has long been one of the largest shipyards in the world, and today’s investment by JPMorgan Chase—the kind of investment we are proud of at today’s Defense and Innovation Summit—sees that revitalizing this industry and the Corn shipyards, Corn shipyards, Corn Davey, Corn shipyards, Corporation , the Daily Dash, R-Pa., also said.
Shipbuilders and Navy sailors walk past the USS George Washington as it rests on the side of the pier. (Getty Images)
“It needs to create opportunity for people. By supporting the development of the workforce and strengthening local communities, this commitment will help prepare the next generation of skilled workers who will build the ships that protect our country and strengthen Pennsylvania’s role as the foundation of the American defense industry,” continued the Senator.
The company’s commitment will use $18 million in commercial financing and capital investments, while the remaining $6 million will come from philanthropic donations.
The project is funding the construction of a 95,000 square meter submarine assembly facility, which will create 450 permanent jobs. Additionally, the program targeted the Philadelphia Navy Yard – an industrial facility that supports 16,000 active positions across the manufacturing and maritime sectors – to measure non-degree education options.
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“Philadelphia is a place where targeted, targeted investment can translate into real economic activity,” said JPMorgan’s Global Head of Corporate Practice and Mid-Atlantic Region Chairman Tim Berry. “By strengthening workforce pathways, supplier readiness and access to capital, we can help more people connect to quality jobs and help local businesses participate in long-term growth.”
“When organizations like JPMorgan Chase invest in Philadelphia, they invest in our people,” said Mayor Cherelle L. Parker. “They help create the kind of opportunities that allow a person to learn a new skill, earn a good wage and build a better life for themselves and their families. That’s the future we’re creating in the Lower South and at the Navy Yard: more pathways to family-supporting jobs and more opportunities for Philadelphians to help build America’s future.”
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The remaining $24 million will focus on supporting local businesses and training shipyard workers. These include a $5 million low-cost loan program to help small businesses create or retain 200 jobs and $1.5 million to help 100 local seafood suppliers improve their facilities.
Another $2 million will train 300 Philadelphia residents to produce jobs that don’t require a college degree, and a $2.4 million grant to connect those workers with employers. The entire package is part of JPMorgan Chase’s 10-year, $1.5 trillion commitment to support domestic industries critical to America’s national security.
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