Portsmouth Naval Shipyard economic impact estimated at $1.4 Billion
The Portsmouth Naval Shipyard's economic impact swelled to over $1.4 billion last year, a record high for the military installation despite a slight civilian payroll decrease.
The Seacoast Shipyard Association, an advocacy group that helped save the shipyard from closure by the federal government in 2005, unveiled its annual economic impact report Thursday. The impact in 2022 was $1,457,952,317, a 10.2% year-over-year increase, according to the report.
The Seacoast Shipyard Association calculates economic impact as the combined total of civilian employee payroll, military payroll, the cost of purchased goods and services and contracted services.
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