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HomeEconomyResearch reveals Bathtub Iron Works generates large influence on ME economic system

Research reveals Bathtub Iron Works generates large influence on ME economic system

A current report revealed Bathtub Iron Works generated $1.8 billion {dollars} in financial output in 2021 and supported over 11,000 jobs.

BATH, Maine — A current report is shedding gentle on simply how a lot of an financial influence Normal Dynamics Bathtub Iron Works has on Maine’s economic system.

The third-party evaluation was finished by the College of Southern Maine’s Middle for Enterprise and Financial Analysis.

The report revealed Bathtub Iron Works (BIW) generated $1.8 billion {dollars} in financial output in 2021 and supported over 11,000 jobs, amounting to $44 million per 12 months in state and native taxes, a information launch from BIW mentioned Tuesday.

Moreover, BIW represents 12 % of Maine’s manufacturing workforce, in addition to 17 % of its manufacturing GDP, the discharge said. 

In response to the discharge, sustaining BIW’s financial influence would require overcoming challenges akin to workforce housing, baby care, and transportation.

Native and nationwide leaders mentioned they hope to proceed addressing these issues to draw extra folks to work at BIW, and in flip, help Bathtub and the state as a complete.

“BIW casts a large internet, and as you may see from this report, there are impacts that go a lot past this shipyard,” Bathtub Metropolis Supervisor Marc Meyers mentioned. “The continued dedication and funding in Bathtub is significant to our group,” Meyers mentioned. “The BIW shipbuilding amenities help a good portion of our property tax base and in addition helps our group, our small companies, our downtown.”

Sens. Susan Collins and Angus King agree as they confirmed gratitude towards the BIW report when interviewing with NEWS CENTER Maine on Tuesday.

“BIW is an financial powerhouse within the state of Maine. It employs people who dwell in all 16 counties of our state,” Collins mentioned Tuesday. “BIW is a key contributor to our nationwide safety by the destroyers it constructs. These are the very best destroyers. 

“They’re high-quality ships. It is vital that our state and its residents perceive the influence of BIW as a result of it helps makes BIW a sexy place to work and assists in its recruitment of a workforce that’s gifted and able to assist us meet our nationwide safety wants.”

“This report places into numbers what we already knew from the Maine faces and companies we work together with day by day … Time and time once more, the hardworking, highly-skilled employees at Bathtub Iron Works display that Bathtub constructed is greatest constructed,” King informed NEWS CENTER Maine Tuesday. “Bathtub Iron Works has lengthy been a cornerstone of Maine communities and the spine of America’s Navy … Making up 17 of Maine’s manufacturing GDP, supporting almost 12,000 Maine jobs, and offering $1.8 billion in financial influence, Bathtub Iron Works is a very important and irreplaceable part of Maine and our Nation’s economic system.”

Along with state politicians, Jessica Picard, the communications supervisor with the Maine Division of Labor, expressed how essential BIW is to Maine’s economic system.

“As one of many largest employers in Maine, Bathtub Iron Works is a essential part of the state’s economic system,” Picard mentioned. “The Mills Administration is proud to work with Bathtub Iron Works as they recruit, make use of, and prepare hundreds of Mainers for high quality, in-demand jobs by workforce applications akin to registered apprenticeship and the Maine Rent-A-Vet Marketing campaign.”

To study extra in regards to the financial report on Normal Dynamics Bathtub Iron Works, click on right here.

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