According to information from the Shipbuilders Council of America, the state of Connecticut plays a major role in the shipbuilding industry: it provides more than 22,000 jobs and is responsible for more than $2 billion of the local economy alone. A piece in the Maritime Executive recently featured comments from multiple local politicians on the significance of shipbuilding within the state.
Connecticut is reportedly among the top five states for private sector shipbuilding jobs. One of the key factors the state has going for it is location. Local Fox affiliate quoted the vice president of Thames Shipyard, who said that they are able to do business in both New York and Boston easily.
Another reason for its success is the adherence to marine insurance protocols, particularly the Jones Act requirements pertaining to domestic ships. One of the officials quoted by the Executive, Connecticut's Representative Joe Courtney, said that the state works with a variety of vessels and projects, including military craft. The amount of crew maintained there also ends up providing for "more than 8 percent" of all American private shipbuilders.
"For eastern Connecticut, shipbuilding is a pillar of our economy and our history. In addition to the thousands of shipyard jobs along the shoreline, there are hundreds of Connecticut companies that form a supply chain for parts, machines and services that are critical to shipbuilding—more than 360 in the submarine supply chain alone," he said.
The Jones Act is a wide-reaching piece of legislation that all marine entities need to abide by. Knowing the inland marine insurance affects of this policy will help steer your own efforts into more productivity.