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U.S. shipyards support $36 billion in GDP

Staff writer |
The U.S. Department of Transportation's Maritime Administration (MARAD) announced that the nation's shipyards support $36 billion in gross domestic product.

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"Shipyards create quality jobs and support economic growth far beyond our nation's ports and waterways. This report shows that wherever you live across the country, Americans benefit from opportunities generated by the shipbuilding and repair industry," said U.S. Transportation Secretary Ray LaHood.

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 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.

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