The Maritime Administration (MARAD), a branch of the U.S. Department of Transportation (USDOT), recently made $4.9 million in grants available to small shipyards based in the U.S.
The funding is part of the Small Shipyard Grant Program, which aims to help shipyards modernize their operations and train employees so these shipyards can better compete in the global marketplace.
“Investments in our shipyards and American workers are critical to ensuring America’s economic growth and global competitiveness,” U.S. Transportation Secretary Anthony Foxx said. “These grants support and strengthen both local communities and our national economy.”
U.S. shipyards are an important part of the U.S. economy. Not only do they provide the means to export and import goods, but they also generate new jobs and improve local communities' economies. Beginning in 2009, U.S. shipyards had used over $164 million to modernize their operations.
“American shipyards are currently producing some of the most modern and innovative vessels in the world,” Maritime Administrator Paul “Chip” Jaenichen said. “They’re also creating quality jobs and supporting economic growth in local communities that complement the immense economic impact of our nation’s ports and waterways.”