JPMorgan Pledges $24 Million to Philadelphia Navy Yard Submarine Facility amid Ongoing U.S. Shipbuilding Shortfalls

Jamie Dimon said the U.S. needs 300,000 electricians, welders and similar workers to build ships over the next five or ten years. He spoke Tuesday from the Philadelphia Navy Yard, where JPMorgan Chase announced a $24 million investment through loans and philanthropic grants.

The funding supports a new submarine manufacturing and assembly facility expected to create 450 permanent jobs. It will also expand workforce training and apprenticeship programs for thousands of welders, electricians, pipefitters and other skilled trades workers at the yard. The Philadelphia Navy Yard currently employs about 16,000 workers.

Dimon said the workforce could double over the next five years. Hanwha purchased the yard in 2024 for $100 million and currently delivers one to one-and-a-half ships per year. Pennsylvania Sen. David McCormick said demand for skilled trades workers remains strong.

The yard’s apprenticeship program accommodates about 20 trainees at a time. Shortages extend beyond Pennsylvania. The Hampton Roads region of Virginia faces an estimated shortage of 10,000 shipyard workers, projected to reach 40,000 by 2030.

Huntington Ingalls Industries invests over $110 million annually in workforce development and hired more than 1,600 shipbuilders in the first quarter of 2026. Other companies have announced large training commitments. Lowe’s pledged $250 million to train 250,000 skilled trade workers over the next decade.

BlackRock committed $100 million to train 50,000 workers over five years. Meta launched a $115 million program in June that guarantees participants a job on one of its sites after a five-week course. An analysis of U.S.