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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 ...
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$24MM in 2026 dollars for a shipyard doesn’t sound like very much to me.
Nice.
You are right it is not. But it might be a start.
Needless to say the warpath with China is being set.
Its a buy signal
Other investors will follow
I agree. $24 million is about 10% of the Supergirl budget or what a star quarterback makes in 8 games.
Just be glad the S. Koreans are helping us with ship building.
That’s what I was thinking. You can’t get much of a shipyard for that. According to AI, Huntington Ingalls has spent about $1 billion upgrading the shipyard in Mississippi.
Never talk about an “arsenal of republicanism”, do they?
$24 million? That’ll barely fix the perimeter security fence, much less get the place ready to build ships.
$24 million for the committee to pick the consultants to study the problem.
Is Mare Island Navel Base CA. too old to rebuild? It used to build state of art submarines, perhaps it to can be restored.
A shipyard on the West Coast besides Puget Sound is a strategic necessity. Need one in Alaska too. At least there is a steel mill up there. Militarily, we have way too many eggs in way too few baskets.
Now to find workers who know what they are doing and will show up on time.
So, the usual gen-z jokes are not needed.
It was decrepit 40 years ago when i went there for a project.
There has been enough gentrification around Mare Is, and it’s California. I would suspect it would tke ten years of enviro protests to get it going again. I take it you know the yard dates from the Civil War, I’d imagine there isn’t even a guard shack on the base that could be re-used. A friend of mine’s Dad used to work there and we’d occasionally drop in back in the 70’s to wander around where we could. It was beat to hell even back then. With the asbestos and the toxics, I bet it would qualify as a Superfund site.
“$24MM in 2026 dollars for a shipyard doesn’t sound like very much to me.”
Enough to sandblast a few docks, but it will take another 24M just to get primer down.
If we are to regain competitiveness and become secure in maritime trade, the shipbuilding industry must, of course, be rebuilt but it must be thoroughly automated. We have no chance of doing what China does, but on smaller scale. AI has to ride to the rescue, or we fail.
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