JPMorgan commits $24 million to Philadelphia submarine manufacturing

JPMorgan Chase CEO Jamie Dimon said the U.S. shipbuilding industry needs 300,000 electricians, welders and other skilled workers over the next five to 10 years, framing a major labor shortfall as both a national security risk and an opening for younger workers seeking high-paying jobs less exposed to AI disruption. His comments came as JPMorgan moved ahead with a $24 million package to support a new submarine manufacturing and assembly facility at the Philadelphia Navy Yard, alongside workforce training and apprenticeship programs for thousands of prospective trades workers. Dimon said the Philadelphia Navy Yard, which now employs about 16,000 workers, could double its workforce over the next five years as domestic shipbuilding expands. The U.S., however, remains far behind South Korea in ship output and training scale. Hanwha bought the Philadelphia yard in 2024 for $100 million, and its local operation currently delivers about one to one-and-a-half ships a year, compared with roughly one a week at Hanwha's South Korean facilities. Apprenticeship capacity in Philadelphia is also far smaller. The labor squeeze extends beyond Pennsylvania. Virginia's Hampton Roads region faces an estimated shortfall of 10,000 shipyard workers, projected to reach 40,000 by 2030, while Huntington Ingalls Industries said it hired more than 1,600 shipbuilders in the first quarter and is investing more than $110 million annually in workforce development. The push reflects a broader scramble for skilled labor across shipbuilding, construction, data centers and semiconductor projects as companies including Lowe's, BlackRock and Meta increase training commitments.