Following last calendar month ’ south news of 304,000 U.S. jobs created in January, the Transportation Institute on Monday announced a 30 % increase in domestic maritime job initiation enabled by the Jones Act, the U.S. requiring the fare of goods between two U.S. points is carried out by american built, owned, and crewed vessels .
The Transportation Institute shared nowadays findings from a study published by PricewaterhouseCoopers ( PwC ) which the advocacy group says affirms the impressive economic benefits of the domestic maritime industry. specifically, the report finds that the Jones Act-enabled maritime industry contributes more than $ 154 billion in sum economic output annually, creating $ 41 billion in labor income for american workers each year and adding $ 72 billion per annum to the value of U.S. economic output. The diligence besides sustains closely 650,000 american jobs, with one shipyard job creating four jobs elsewhere in the economy.
Reading: The Numbers Are In: U.S. Maritime Workforce Grows to 650,000, Contributing $154 Billion Annually
“ From shipyards to the high seas, the nautical industry is indisputably contributing to the american economy in a major way, ” said James L. Henry, Chairman and President of the Transportation Institute. “ This new study shows the dramatic affect that our industry has on our nation ’ s overall wellbeing, particularly by providing livelihoods to 650,000 hard-working Americans, thousands of whom proudly served in our military. We merely would not be adenine 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. needle to say, the report underscores merely how indispensable the Jones Act continues to be for the security and prosperity of our entire country. ”
Read more: What is the Maritime Industry?
The 40,000 vessels that comprise the Jones Act fleet move about one billion tons of cargo annually – or roughly a quarter of the nation ’ mho freight – along U.S. home waterways, across the Great Lakes, and over the oceans to Hawaii, Alaska, Puerto Rico, and the U.S. territories. Shipped goods include a assortment of products, from bleak materials and commodities like coal and petroleum petroleum to consumer products.
Encompassing jobs in all 50 states, and the District of Columbia, the Jones Act work force accounts for $ 41 billion in american labor movement income annually, according to the Institute .
“ In a growing economy – where job creation continues to flourish at historic levels – the Jones Act remains the quintessential ‘ Buy American, Hire American ’ law, one that puts american workers first and is critically significant for guaranteeing our national security and maintaining our department of defense industrial base, ” the Transportation Institute said .