MARAD Report: Nation’s Shipyards Support $36 Billion in Gross Domestic Product
The U.S. Department of Transportation’s Maritime Administration (MARAD) announced that the nation’s shipyards support $36 billion in gross domestic product, as part of a report on the U.S. shipbuilding and repair industry.
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.
The Maritime Administration works to strengthen the maritime transportation system of the United States to meet the country’s economic and security needs. The report, The Economic Importance of the U.S. Shipbuilding and Repairing Industry, can be found at http://www.marad.dot.gov/documents/MARAD_Econ_Study_Final_Report_2013.pdf