Governor Gina Raimondo today announced that Electric Boat, which builds submarines for the U.S. Navy, will be able to hire 1,300 new employees thanks to a new infrastructure investment.
Electric Boat will also use the funds to increase its facility by 1.3 million square feet in Quonset Business Park. Half of that work will require new construction and the creation of 600 construction jobs to finish the expansion. This move represents the second-largest Project Labor Agreement in Rhode Island history.
The state's funding breaks down like this: $14 million came from the state to modernize Quonset Business Park, with it providing an additional $2 million in Rebuild RI tax credits and up to $18 million in sales tax exemptions for the company.
The prelude to such growth was the Navy's selection of Electric Boat as its prime contractor for Columbia-class submarines. This designation will require the business to expand its spending, work force and facility.
"Electric Boat is once again doubling down on Rhode Island," said Raimondo during a ceremony in North Kingstown. "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. This new development will create new opportunities for thousands of Rhode Island families, people who will get great jobs building submarines and tradesmen who have good work building this new facility."
Jeffrey Geiger, president of general dynamics at Electric Boat, echoed the governor's sentiments.
"This investment makes it very clear to our U.S. Navy customer that Rhode Island is ready, willing and able to support our efforts to build a great submarine fleet," he said.
In addition to the investment news, Electric Boat also announced its coming work with the Supply RI initiative, a program that has Rhode Island's largest companies to increase the business it does with in-state contractors and vendors.
