A crucial part of American maritime is the nation’s domestic shipyard industry, which builds, repairs, maintains, and modernizes the largest and most sophisticated Navy and Coast Guard in the world. America’s shipyards are thriving and are currently experiencing a “boom” in recent construction orders.
Across the nation, the domestic maritime industry includes approximately 40,000 vessels, which support 478,440 jobs, and have an annual economic impact of $92.5 billion. Nationally, the industry also accounts for approximately $29 billion in wages and $10 billion in tax revenues.
Even as they continue to build a steady stream of offshore support vessels (OSVs), patrol boats, tugs, ferries, and other vessels, U.S. shipyards are seeing a spike in recent orders for large ocean-going vessels and inland tug barges. Over the past year, U.S. shipyards have entered into hundreds of contracts for new vessels, including the construction of state of the art oil tankers and the world’s first LNG-powered containership, which the White House recently recognized as critical to the future of maritime transportation. Maritime Administrator Paul Jaenichen noted that this is “the biggest shipbuilding surge in almost 20 years.”