The Transportation Institute (TI), a Washington, DC, based charitable company that promotes and also helps the united state flag maritime sector, today reported a 30% boost in residential maritime work development allowed by theJones Act Thanks to the regulation, claims TI, the sector currently utilizes almost 650,0000 Americans throughout all 50 states and also adds $154 billion to the country’s financial development yearly.
A freshly launched research study released by PricewaterhouseCoopers (PwC) for the Transportation Institute locates that the Jones Act- allowed maritime sector:
- Contributes greater than $154 billion in complete financial result yearly
- Creates $41 billion in labor earnings for American employees yearly
- Adds $72 billion yearly to the worth of united state financial result
- Sustains almost 650,000 American work, with one shipyard work producing 4 work somewhere else in the economic situation
“From shipyards to the high seas, the maritime industry is indisputably contributing to the American economy in a major way,” stated James L. Henry, Chairman and also President of theTransportation Institute “This new study shows the spectacular impact that our industry has on our nation’s overall well-being, especially by providing livelihoods to 650,000 hard-working Americans, thousands of whom proudly served in our military. We simply would not be as strong as we are without the veteran community, and it’s a source of great pride that our growth is benefitting them and their families. Needless to say, the report underscores just how indispensable the Jones Act continues to be for the security and prosperity of our entire country.”
