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Private capital is heading into American shipbuilding. Shipbuilding, in its naval form, is the construction of warships and submarines at specialized yards with purpose-built equipment and trained manufacturing labor.
JPMorgan Chase CEO Jamie Dimon announced a $24 million package to support that sector, naming a new submarine facility at the Philadelphia Navy Yard as the effort's centerpiece.
He reached for a phrase from American wartime history to frame it: an "Arsenal of democracy." What the $24 million funds The money goes toward a new submarine facility at the Philadelphia Navy Yard.
A submarine facility is purpose-built for submarine construction, a more targeted investment than a general shipyard upgrade.
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