\nJPMorganChase today announced $24 million to strengthen Philadelphia\u2019s shipbuilding and maritime manufacturing industry\u2014supporting skills training, stronger supply chains and small business growth in a sector critical to America\u2019s defense industrial base.<\/p>\n
\nThe announcement includes $18 million in loans and investments and $6 million in philanthropic grants. Near-term focus areas include:<\/p>\n
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- \nDriving the expansion of a submarine manufacturing and assembly facility expected to create 450 new permanent jobs;<\/p>\n<\/li>\n
- \nHelping expand workforce training and apprenticeship opportunities for potentially thousands of local workers\u2014including welders, electricians and other critical shipbuilding roles\u2014to work at the Navy Yard;<\/p>\n<\/li>\n
- \nSupporting up to 100 local maritime small business suppliers; and<\/p>\n<\/li>\n
- \nBuilding a stronger regional collaborative that connects employers, training providers and community partners to meet demand and expand economic opportunity.<\/p>\n<\/li>\n<\/ul>\n
\n\u201cAmerica can compete and lead in shipbuilding again\u2014it starts with more skilled workers and secure supply chains,\u201d said Jamie Dimon, Chairman and CEO of JPMorganChase. \u201cWe need to train people for the jobs shipbuilders urgently need, connect them to good careers and strengthen the suppliers and partners that keep a shipyard running. When we build the workforce and the supply chain together, we create good careers for workers and a stronger, more resilient maritime industry that supports our national security and our economy.\u201d<\/p>\n
\nThis announcement brings together two firmwide efforts: the American Dream Initiative<\/a> (ADI), a multi-year effort to help expand opportunity to millions of Americans and future generations through targeted investments in local communities across the United States, and the Security and Resiliency Initiative (SRI)<\/a>\u2014a $1.5 trillion, 10-year plan to finance, facilitate and invest in industries critical to U.S. economic and national security, which includes shipbuilding.<\/p>\n
Shipbuilding: A National Security Priority and Economic Opportunity<\/b><\/p>\n
\nThe stakes for American shipbuilding are significant. Research from J.P. Morgan\u2019s Industry and Policy Thematics team underscores both the opportunity and the urgency of the challenge: less than 1% of new commercial ships<\/a> are built in the U.S. and less than 1% of the existing global merchant fleet<\/a> is U.S.-flagged. Today, the U.S. maintains fewer than 190 flagged merchant vessels\u2014many built abroad\u2014down nearly 3,000 since the 1960s.<\/p>\n
\nThis decline reflects a set of interconnected structural challenges, including high input costs, constrained supply chain capacity, aging shipbuilding infrastructure, unreliable demand, inconsistent requirements and workforce shortages. A recent report by the JPMorganChase PolicyCenter and Center for Geopolitics<\/a> further highlights the scale of the workforce gap, estimating demand for 250,000 new skilled shipbuilding workers over the next decade. Addressing these constraints will require greater alignment across workforce training, supplier capacity, modernized facilities and expanded access to capital.<\/p>\n
Philadelphia is Positioned to Deliver<\/b><\/p>\n
\nPhiladelphia has a significant opportunity to expand access to quality jobs, particularly for residents who face barriers to upward mobility. While the region has major strengths\u2014including globally recognized healthcare and higher education institutions\u2014too many residents remain disconnected from higher-wage career paths, especially those that do not require a four-year degree.<\/p>\n
\nThe Philadelphia Navy Yard\u2014home to 16,000 jobs across maritime industries, advanced manufacturing and life sciences\u2014and the region\u2019s port infrastructure are positioned to contribute to national priorities tied to shipbuilding and long-term competitiveness. JPMorganChase\u2019s efforts are designed to help local partners translate that potential into outcomes\u2014clearer pathways into high-demand jobs, stronger supplier readiness and small business participation, and improved coordination across employers, training providers, community organizations and government.<\/p>\n
\n\u201cPhiladelphia is a place where targeted, coordinated investment can translate into real economic mobility,\u201d said Tim Berry, Global Head of Corporate Responsibility and Chairman of the Mid-Atlantic Region for JPMorganChase. \u201cBy strengthening workforce pathways, supplier readiness and access to capital, we can help more people connect to quality jobs and help local businesses participate in long-term growth.\u201d<\/p>\n
\nLoans, investments and grants include:<\/p>\n
- \n
- Rhoads Industries ($13 million New Markets Tax Credit (NMTC) equity investment, part of a $40 million NMTC transaction):<\/b> This investment will support construction of a new 95,000-square-foot high-bay submarine manufacturing and assembly facility that is expected to create 450 new permanent jobs, while helping expand workforce training and apprenticeship opportunities for potentially thousands of local workers\u2014including welders, electricians and other critical shipbuilding roles\u2014to work at the Navy Yard.\n<\/li>\n
- PIDC Community Capital ($5 million long-term, low-cost loan):<\/b> This loan is designed to expand support for PIDC\u2019s lending arm and Community Development Financial Institution, PIDC Community Capital, including lending products for small businesses, such as commercial real estate acquisition and construction, leasehold improvements and working capital. The funding is expected to support up to 15 loans and the creation or retention of upwards of 200 jobs.\n<\/li>\n
- PIDC Community Capital, in partnership with Delaware Valley Industrial Resource Center (DVIRC) ($1.5 million grant):<\/b> This funding will help grow the maritime supplier base for the Philadelphia Navy Yard by supporting as many as 100 commercial maritime suppliers with technical assistance, including up to 30 with high-touch structured assessments, remote diagnostics and on-site operational walkthroughs to improve efficiency, quality controls, plant organization and digital maturity\u2014helping identify priority talent needs.\n<\/li>\n
- Greater Philadelphia Growth Partnership ($2.4 million grant):<\/b> This funding will help build a stronger regional collaborative that connects employers, training providers and community partners to meet demand and expand economic opportunity.\n<\/li>\n
- The Skills Initiative at University City District ($2 million grant):<\/b> This funding will help scale workforce models that connect employers, technical training providers and funding systems, with a focus on expanding non-degree pathways into higher-wage roles aligned with shipbuilding and advanced manufacturing. The effort is expected to scale skills training for nearly 300 local individuals, helping more residents access quality jobs tied to the region’s growing maritime and industrial economy.\n<\/li>\n<\/ul>\n
Statements of Support<\/b><\/p>\n
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- \n\u201cAmerica cannot restore its industrial strength or ensure peace through strength without investing in the workforce that powers it,\u201d said U.S. Senator for Pennsylvania Dave McCormick.<\/b> \u201cPhiladelphia has long been one of the great shipbuilding cities in the world, and today\u2019s investment by JPMorganChase\u2014the kind of investment we\u2019re proud to feature at today\u2019s Defense and Innovation Summit\u2014recognizes that revitalizing this industry requires more than ships and shipyards. It requires creating opportunity for people. By supporting workforce development and strengthening local communities, this commitment will help prepare the next generation of skilled workers who will build the ships that protect our country and reinforce Pennsylvania\u2019s role as a cornerstone of America\u2019s defense industrial base.\u201d<\/p>\n<\/li>\n
- \n\u201cWhen organizations like JPMorganChase invest in Philadelphia, they’re investing in our people,\u201d said Mayor Cherelle L. Parker.<\/b> \u201cThey’re helping create the kind of opportunities that let someone learn a new skill, earn a good paycheck and build a better life for themselves and their family. That’s exactly the future we’re creating in the Lower South and at the Navy Yard: more pathways to family-sustaining careers and more opportunities for Philadelphians to help build America’s future.\u201d<\/p>\n<\/li>\n
- \n\u201cThe Navy Yard has long been one of the most important economic engines in our city, and today’s investment by JPMorganChase is about building the next generation of opportunity,\u201d said Philadelphia City Council President Kenyatta Johnson (Second District)<\/b>, whose district includes the Philadelphia Navy Yard. \u201cBy strengthening our shipbuilding industry, investing in workforce development, and supporting small businesses, we’re creating pathways to family-sustaining careers while reinforcing Philadelphia’s role as a leader in American manufacturing. When the public and private sectors work together with our educational and community partners, we can grow our economy in a way that benefits neighborhoods across our city.\u201d<\/p>\n<\/li>\n
- \n\u201cPhiladelphia has always been a city that builds. Strengthening the shipbuilding ecosystem is an opportunity to create quality jobs, support local businesses and invest in the workforce that will power the next generation of advanced manufacturing and industrial growth,\u201d said Jodie Harris, President of PIDC<\/b>, Philadelphia\u2019s public-private economic development corporation. \u201cThis initiative, made possible by JPMorganChase\u2019s strategic investment and partnership, demonstrates how cross-sector collaboration can help Philadelphia compete, attract investment and contribute to industries that are critical to America\u2019s economic growth and prosperity.\u201d<\/p>\n<\/li>\n
- \n\u201cThe Greater Philadelphia Growth Partnership was built on a simple truth: our region’s challenge has never been a lack of talent or assets. It has been a lack of shared focus and coordinated action at scale. With JPMorganChase\u2019s investment, Greater Philadelphia can compete and win, and we can make sure that growth reaches the families who need it most,\u201d said Chellie Cameron, President and CEO of the Chamber of Commerce for Greater Philadelphia.<\/b><\/li>\n<\/ul>\n
About JPMorganChase<\/b><\/p>\n
\nJPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (\u201cU.S.\u201d), with operations worldwide. JPMorganChase had $5.0 trillion in assets and $375 billion in stockholders\u2019 equity as of June 30, 2026. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world\u2019s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com<\/a>.<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260714592743\/en\/<\/a><\/span><\/p>\n
Media Contact
\n<\/b>
Jacob Scher
\n
JPMorganChase
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jacob.scher@jpmorgan.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America Pennsylvania<\/p>\n
INDUSTRY KEYWORDS:<\/b> Other Defense Manufacturing Finance Small Business Education Banking Business Training Professional Services Philanthropy Defense Maritime Transport Other Manufacturing Other Philanthropy<\/p>\n
- \n\u201cWhen organizations like JPMorganChase invest in Philadelphia, they’re investing in our people,\u201d said Mayor Cherelle L. Parker.<\/b> \u201cThey’re helping create the kind of opportunities that let someone learn a new skill, earn a good paycheck and build a better life for themselves and their family. That’s exactly the future we’re creating in the Lower South and at the Navy Yard: more pathways to family-sustaining careers and more opportunities for Philadelphians to help build America’s future.\u201d<\/p>\n<\/li>\n
- PIDC Community Capital ($5 million long-term, low-cost loan):<\/b> This loan is designed to expand support for PIDC\u2019s lending arm and Community Development Financial Institution, PIDC Community Capital, including lending products for small businesses, such as commercial real estate acquisition and construction, leasehold improvements and working capital. The funding is expected to support up to 15 loans and the creation or retention of upwards of 200 jobs.\n<\/li>\n
- Rhoads Industries ($13 million New Markets Tax Credit (NMTC) equity investment, part of a $40 million NMTC transaction):<\/b> This investment will support construction of a new 95,000-square-foot high-bay submarine manufacturing and assembly facility that is expected to create 450 new permanent jobs, while helping expand workforce training and apprenticeship opportunities for potentially thousands of local workers\u2014including welders, electricians and other critical shipbuilding roles\u2014to work at the Navy Yard.\n<\/li>\n
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