“We need 300,000 electricians, welders, etc. to build ships in the next five or 10 years,” Dimon told CNBC on Tuesday, speaking from the Philadelphia Navy Yard.
Unlike many traditional white-collar career paths, skilled trades apprenticeships often pay workers while they train—putting them on a path to six-figure salaries without taking on college debt.
“It fits what we call the American dream: getting kids skills or all workers’ skills that they have jobs that could pay 80-, 90-, $100,000 a year after you know a year or two of training. This lifts up America. It helps build the defense industry,” Dimon added.
The Philadelphia Navy Yard alone currently employs about 16,000 workers, but Dimon said that workforce could double over the next five years as domestic shipbuilding ramps up.
To help fuel that growth, JPMorgan announced a $24 million investment through loans and philanthropic grants to support a new submarine manufacturing and assembly facility expected to create 450 permanent jobs. The funding will also expand workforce training and apprenticeship programs for “thousands” of prospective welders, electricals, pipefitters, and other skilled trades workers needed at the Navy Yard.
