US to invest nearly $35 billion in shipbuilding in Fiscal Year 2024
The USN will be able to enter into multi-year procurement contracts for Virginia-class submarines. (Photo: USN)
Funds will be allocated to the acquisition and operation of new capabilities, upgrading of in-service systems, procurement of critical components and designs and expansion of public and private plants.
In order to maintain competitiveness against China in the naval domain, US lawmakers intend to invest $33.25 billion in shipbuilding in the next fiscal year. This is $401.681 million higher than the amount requested by the Pentagon in its FY 2024 budget proposal.
The funds will be allocated to the acquisition and operation of new capabilities and to the upgrade of in-service systems.
They will also provide resources for the procurement of critical, long-lead-time components and designs for vessels and expansion of public and private plants.
Recently approved by the Senate Committee on Appropriations, the FY2024 bill authorised
Already have an account? Log in
Want to keep reading this article?
Read this Article
Get access to this article with a Free Basic Account
- Original curated content, daily across air, land and naval domains
- 2 free stories per week
- Daily news round-up email service
- Access to all Decisive Edge email newsletters
Unlimited Access
Access to all our premium news as a Premium News 365 Member. Corporate subscriptions available.
- Original curated content, daily across air, land and naval domains
- 14-day free trial (cancel at any time)
- Unlimited access to all published premium news
More from Naval Warfare
-
![Anduril awarded $642 million counter-drone contract with US Marine Corps]()
Anduril awarded $642 million counter-drone contract with US Marine Corps
The contract will see counter-small uncrewed aerial systems (CsUAS) installed at bases, with the initial contract covering site survey and engineering services as well as some system procurement. Work is expected to be completed over the next ten years.
-
![Navantia combat systems selected for Chinese-built Thai LPD]()
Navantia combat systems selected for Chinese-built Thai LPD
The landing platform dock, believed to be the largest naval vessel that China has exported, will see the Chinese-built vessel embrace Western technology.
-
![Why USNORTHCOM would struggle to defeat China in the Arctic]()
Why USNORTHCOM would struggle to defeat China in the Arctic
Not having enough naval and C4ISR capabilities to patrol and monitor the region would the US at risk in a conflict with China in the Arctic region.
