Home BusinessEconomic News Portsmouth Naval Shipyard economic impact estimated at $1.4 Billion

Portsmouth Naval Shipyard economic impact estimated at $1.4 Billion

by Stella Morgan

The Portsmouth Naval Shipyard in New Hampshire has reached a new milestone in its economic impact. Despite a slight decrease in civilian payroll, the shipyard’s economic impact reached over $1.4 billion in 2022, a record high for the military installation.

The annual economic impact report was unveiled by the Seacoast Shipyard Association, an advocacy group that played a crucial role in saving the shipyard from closure by the federal government in 2005. According to the report, the economic impact in 2022 grew by 10.2% compared to the previous year, reaching $1,457,952,317.

The Seacoast Shipyard Association calculates the economic impact by considering various factors, including civilian employee payroll, military payroll, the cost of purchased goods and services, and contracted services. The shipyard’s economic impact is a significant contribution to the local economy and demonstrates its vital role in the region.

In 2021, the shipyard’s economic impact was slightly over $1.32 billion, and in 2020, at the beginning of the coronavirus pandemic, it was nearly $948 million. Despite the challenges posed by the pandemic, the shipyard has managed to increase its economic impact significantly.

The Portsmouth Naval Shipyard is a cornerstone of the local economy, contributing to job creation and stability in the region. The shipyard provides crucial services and support to the Navy’s fleet, specializing in the maintenance, repair, and modernization of submarines. Its continued growth and success highlight the importance of preserving and investing in this valuable military installation.

The economic impact of the shipyard extends beyond its immediate surroundings, benefiting neighboring towns and states. The shipyard’s contributions have a ripple effect, stimulating economic activity and creating opportunities for businesses and residents in the area.

The record-high economic impact of the Portsmouth Naval Shipyard is a testament to the dedication and hard work of its employees and the support of the local community. The shipyard’s ability to adapt and thrive in changing circumstances is commendable. It serves as a model for other military installations and demonstrates the economic benefits that can be gained from investing in defense infrastructure.

The economic success of the Portsmouth Naval Shipyard is an encouraging sign for the region as it continues to recover from the effects of the pandemic. It highlights the resilience and potential for growth in the defense industry, providing stability and prosperity for communities that rely on military installations.

The Seacoast Shipyard Association’s annual economic impact report serves as a reminder of the important role that the Portsmouth Naval Shipyard plays in the local and regional economy. Its continued success and growth will have a lasting positive impact on the community, providing economic opportunities and supporting national defense efforts.

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