Small Shipyard Grants Generate Big Economic Ripples
Through U.S. Department of Transportation initiatives like our Maritime Administration's Small Shipyard Grant Program, federal grants create new opportunities and jobs, says Ray LaHood. When shipyards use these funds to improve their infrastructure, they also boost the companies that supply materials and equipment.
The following was released on Fast Lane, the official blog of the U.S. Secretary of Transportation:
The grants DOT awards aren’t just local investments. They’re a catalyst for changes that pay long-term dividends in industries and communities nationwide. Thanks to federal investment initiatives like our Maritime Administration's Small Shipyard Grant Program, new opportunities are created each day. While shipyards are using these federal funds to improve their infrastructure, they’re also strengthening the companies that supply the materials and equipment used in this process.
Last Friday, Maritime Administrator David Matsuda visited Marine Travelift (MTI) of Sturgeon Bay, Wisconsin, where he toured the grounds and spoke with employees. MTI has never received a small shipyard grant, but still feels the benefits, demonstrating the powerful ripple effect of these essential investments.
Marine Travelift manufactures boat handling equipment. Since 2009, the company has provided boat hoists and other marine services to more than 11 shipyards nationwide that received Small Shipyard Grant funding from our Maritime Administration. According to MTI, this translated into nearly $15 million in revenue, helping the company create more jobs in Sturgeon Bay.
And from where I stand, every federal dollar that prepares our infrastructure for economic competititveness and helps put Americans to work is money well spent.
It's no secret that America’s maritime industry is critical to our nation’s economy and national security. That’s why this Administration has provided more than $150 million to help foster efficient and competitive shipyard operations through the Small Shipyard Grant Program.
The economic growth at both shipyards and supply companies like MTI demonstrate President Obama’s approach to infrastructure investment doing its work. And by investing in our infrastructure now, we’re creating a foundation for economic growth in the future.
In his State of the Union Address, President Obama challenged us to prove that there is no better place to do business than the United States of America.
Mr. President, challenge accepted.