Defense News highlights a new report from the Maritime Administration showing the sizable impact of the shipbuilding industry on the US economy, especially in Virginia where “military shipbuilding accounted for 60 percent of industry revenues.”
“Perhaps unexpectedly, the US shipbuilding industry has run a foreign trade surplus in six of the last ten years, despite an increase in foreign competition. Exports by US shipbuilders have strengthened in recent years… Over the past ten years combined, the industry has run a trade surplus of $410 million.”
“The import/export picture is heavily influenced by the large amount of defense-related shipbuilding. Because defense contracts typically require access to sensitive military technology and information…the US government generally limits any foreign involvement in defense contracts.”
Crossposted from Wonk Wire.