Philadelphia’s shipbuilding industry is receiving a major boost as JPMorgan Chase announced a $24 million investment to support workforce development, maritime manufacturing, and small businesses at the Philadelphia Navy Yard. The funding includes support for Rhoads Industries’ new submarine manufacturing and assembly facility, a project expected to create 450 new jobs while expanding the company’s capacity to support the U.S. Navy.
In addition to the Rhoads expansion, the investment will fund workforce training and apprenticeship opportunities for skilled trades, provide assistance to local maritime suppliers, and strengthen programs that connect workers with careers in shipbuilding and advanced manufacturing. The announcement comes as the Navy Yard continues its transformation into one of the region’s largest economic development projects, with plans to create approximately 12,000 new jobs.
