By Lynn Hendy
May 04, 2018
The governors of Connecticut and Rhode Island this week announced investments in Electric Boat designed to help the company meet increased demand for U.S. Navy submarines while contributing to the economies of both states.
In an event held Tuesday at Fort Trumbull in New London, across the river from the shipyard, Gov. Dannel P. Malloy, Lt. Gov. Nancy Wyman, U.S. Sen. Richard Blumenthal, U.S. Congressman Joe Courtney and Department of Economic and Community Development Commissioner Catherine Smith spoke to a crowd of Connecticut state, regional and local leaders about the investment.
“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,” said Malloy. “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.”
Connecticut’s $83 million investment comprises loans, sales and use-tax exemptions, and grants.
On Thursday, outside Electric Boat’s Quonset Point facility, Gov. Gina Raimondo, U.S. Sen. Jack Reed, U.S. Sen. Sheldon Whitehouse, U.S. Congressman Jim Langevin, and U.S. Congressman David Cicilline spoke to a group of Rhode Island leaders and EB employees about the state’s investment.
“Electric Boat is once again doubling down on Rhode Island,” said Raimondo. “Because of our new job training programs, the work we’ve done over the last three and half years to make it easier to do business in Rhode Island and because we’re finally willing to invest in infrastructure, Electric Boat is hiring thousands of Rhode Islanders for good, stable manufacturing jobs.”
Quonset Point employee Elvis Regalado, who introduced Raimondo, said, “Thanks to Electric Boat’s partnership with the state of Rhode Island, I now have a career that allows me to improve myself every day, and an opportunity to work for a company that has changed my life.”
Rhode Island will invest a total of $34 million for infrastructure improvements, tax credits, and sales tax exemptions.
“These investments provide crucial support for workforce development and facility expansion that will help EB grow, increase its economic contribution to the region and continue to deliver the world’s most capable submarines to the U.S. Navy,” said EB President Jeff Geiger. “They will also improve our competitive position, and help us secure additional work in the future.”