Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC — Today, after the release of a new economic impact study conducted by Bryant University and funded by the Quonset Development Corporation shows that the Quonset Business Park generated $5.9 billion in total economic output last year, U.S. Senator Jack Reed, hailed the report’s findings and noted that federal investments in Quonset are paying dividends for taxpayers.
Reed noted that since 1990, Congress has directed about $495 million in federal funds to support development at Quonset and transform it into an economic engine for the state.
The new report issued today highlights that Quonset now hosts 229 companies that employ the equivalent of 13,580 jobs. The business park is home to the Port of Davisville, one of the top ten auto importers in North America, and also includes General Dynamics Electric Boat, which helps build next generation submarines for the U.S. Navy.
Reed, the Chairman of the Senate Armed Services Committee and a senior member of the Appropriations Committee, delivered $14.5 billion for U.S. Navy submarine construction, procurement, and research and development priorities in the FY 2023 Consolidated Appropriations law. This builds on the $13 billion for submarines Senator Reed helped deliver in FY 2022. These federal investments are the primary drivers of Electric Boat hiring at Quonset.
Reed stated:
“It took years of hard work, perseverance, and wise investment at the state and federal level to transform Quonset into an engine of economic growth.
“There has been a sea change in terms of the jobs outlook at Quonset today versus when I started in Congress. Back then, EB was laying people off left and right and there wasn’t enough work to go around. The Bush Administration was cutting back on submarines in favor of other defense priorities. Now, the military recognizes the strategic importance and deterrence submarines provide and EB is working around the clock to bring new hires aboard. The Navy has overhauled its entire submarine acquisition and sustainment enterprise and we’re building as many advanced submarines as possible.
“This new report underscores that Quonset has become a key business hub for the state and hiring is on a good trajectory. But this is a momentous challenge and we’ve got to get more trained workers with the right skills on production lines at EB and elsewhere to ensure both construction and sustainment.”
Reed, a senior member of the Appropriations Committee, has been working for decades to secure federal funds to upgrade Quonset.
Since the 1990s, Reed has helped direct significant federal funds to Quonset Business Park, including: $160 million in Freight Rail Investments; $159 million in Federal Highway Administration (FHWA) funds for Route 403; a $22.3 million TIGER grant for a crane and additional infrastructure that can support short sea shipping; $22.3 million in recent Port Infrastructure Development Program (PIDP) awards for improvements to Pier 1 at Quonset’s Port of Davisville; and $5 million in small shipyard grants for companies based at Quonset.
“I’m proud to have worked with former Governor Almond, Mike Miranda, Steve King, and many others over the years to help transform Quonset from a parcel of land into a multi-modal shipping hub and an economic engine for the state. Today, the economic impact and community benefit of Quonset is undeniable. To sustain growth at Quonset, state leaders must continue to wisely invest in its infrastructure and making it a place that attracts new business,” Reed concluded.