JPMorgan Chase CEO Jamie Dimon warned that the U.S. has fallen dangerously behind on shipbuilding, creating a massive shortage of skilled workers—and a lucrative opportunity for young Americans looking for AI-proof, high-paying jobs, Fortune reports.
“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.
Joining Dimon was Pennsylvania Sen. David McCormick—husband of Meta president Dina Powell McCormick—who argued that while artificial intelligence has fueled fears about the future of white-collar work, demand for skilled trades has never been stronger.
“If you’re an experienced welder or electrician, we can’t get enough of you,” he said. “We have to have [a] workforce that meets this incredible demand.”
But Philadelphia embodies the uphill battle the industry faces. The yard was purchased by Hanwha, a South Korean ship manufacturer, in 2024 for $100 million and currently only delivers one to one-and-a-half ships per year. In South Korea, ships are delivered “basically one a week,” according to the CEO of Hanwha Philly Shipyard, David Kim. The apprenticeship can also accommodate only about 20 trainees at a time, compared with roughly 400 simultaneously at Hanwha’s facilities in South Korea.
In the Hampton Roads region of Virginia, there is an estimated shortage of 10,000 shipyard workers, which is expected to grow to 40,000 by 2030, reported WHRO.
