A wave of economic change is coming following a huge announcement deal between submarine builder Electric Boat and the state of Connecticut.
On Tuesday, Gov. Dannel Malloy announced a partnership with General Dynamics and Electric Boat to grow its workforce to more than 13,000 jobs by 2034 while investing more than $800 million in Connecticut over 17 years.
"Our state’s partnership with General Dynamics Electric Boat will ensure that thousands of good-paying manufacturing jobs continue to grow for years to come," Malloy said. "This isn’t just a good deal for southeastern Connecticut, it’s a good deal for residents across the state, where over 700 supply chain companies with locations in over 100 towns will see increased demand from the best submarine maker in the world.”
Malloy held a news conference at 10:30 a.m. on Tuesday at Fort Trumbull State Park in New London.
Electric Boat designs, constructs and repairs submarines for the U.S. Navy. It already employs 11,000 people.
“This investment provides crucial support for the workforce development and facility expansion that will help Electric Boat grow, increase its economic contribution to the region, and continue to deliver the world’s most capable submarines to the U.S. Navy,” said Jeffrey Geiger, Electric Boat president. “It will also improve our competitive position, help us to secure additional work in the future, and solidify the region’s title of submarine capital of the World.”
Currently, the company builds two submarines per year. It's in the process of ramping up that production to three per year by 2021.
Under the partnership, it will add 1,881 jobs and make capital investments of $852 million.
The jobs impact ripples to more than 400 companies in CT that supply parts and goods to Electric Boat, creating even more jobs statewide.
"Connecticut has positioned itself as an advanced manufacturing leader," Malloy said.
Electric Boat is going to double its supply chain in Connecticut, according to Malloy.
Lt. Gov. Nancy Wyman, Electric Boat corporate executives and some state lawmakers were also there.
“This is good news that will create jobs and strengthen the relationship between Electric Boat and the state of Connecticut for decades to come,” Wyman said. “Connecticut has proudly been home to Electric Boat for more than a century."
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