Posted on 07/15/2026 7:23:58 PM PDT by Libloather
JPMorgan Chase will inject $24 million into Philadelphia’s maritime manufacturing sector, CEO Jamie Dimon said on Wednesday, marking the bank’s latest move to rebuild domestic industrial capacity deemed critical to national defense.
The funding package, which includes $18 million in loans and investments alongside $6 million in philanthropic grants, will be deployed at the historic Philadelphia Navy Yard.
A primary focus is accelerating the construction of a new submarine manufacturing and assembly facility operated by Rhoads Industries, which is expected to generate 450 permanent jobs.
The capital will also expand credit access for up to 100 local maritime small businesses and fund workforce training for welders and electricians.
Speaking with CNBC on Wednesday, the veteran banker, 70, framed the Philadelphia investments as evidence of a broader American industrial awakening spurred by global instability.
“The arsenal of democracy has been reignited,” Dimon told the network, pointing to recent high-profile investments in the same industrial park as proof of a turnaround.
“People said it couldn’t happen, but here you have Hanwha shipbuilding at the Philadelphia Navy Yard.”
The interview echoed some of the chief executive’s previous remarks on the issue.
In his annual letter to shareholders in April, Dimon urged Uncle Sam to follow “the right policies” to keep the US as the world’s no. 1 military superpower.
(Excerpt) Read more at nypost.com ...
“$24MM in 2026 dollars for a shipyard doesn’t sound like very much to me.”
It might purchase two of the required four propellers for an aircraft carrier.
“$24MM in 2026 dollars for a shipyard doesn’t sound like very much to me.”
I worked in a shipyard for 20 years (safety manager). We spent a half of that just refurbishing our drydock one time. Here’s something to help put in perspective:
“Austal USA is expanding its Mobile, Alabama shipyard to include steel shipbuilding and repair capabilities, a move facilitated by a $50 million U.S. government contract matched by Austal’s own investment. This expansion involves the purchase of former World Marine of Alabama (formerly Bender Shipbuilding) assets, including a 20,000-ton floating dry dock and waterfront property, to support future U.S. Navy contracts and repair work.”
Ouch - I wish that were out of the question, but…
Yeah, I wonder who they're going find to work in them.. (?)
24 million ain’t gonna do crap.
He must have been thinking it would get a laugh from the Chinese, and he’s setting things up for after Trump.
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