Bank commits $24 million to Philadelphia shipyard projects

JPMorgan Chase will direct $24 million toward Philadelphia maritime projects, including a new submarine manufacturing facility and expanded credit for small businesses. The bank said the investment will support 450 permanent jobs at the Rhoads Industries site and training programs for welders and electricians.

The commitment is the latest allocation under the bank’s $1.5 trillion, 10-year Security and Resiliency Initiative. Launched last year, the program finances sectors tied to U.S. economic and military readiness and was recently extended to Europe.

Philadelphia projects A portion of the funds will increase credit access for up to 100 local maritime suppliers. The bank also cited workforce training as a way to address a projected national shortage of 250,000 skilled shipbuilding workers over the next decade.

Industry context The United States currently accounts for less than 1 percent of global commercial ship production, down from roughly 3,000 U.S.-flagged vessels in the 1960s to fewer than 190 today. In late 2024, Hanwha Group acquired the Philly Shipyard for $100 million and announced plans to raise annual output from fewer than two vessels to as many as 20.

The bank’s chief executive said the Philadelphia investments reflect renewed domestic industrial activity and pointed to other projects already underway at the Navy Yard.