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
Our news & analysis is now part of Defence Insight®
A Basic-level or higher Defence Insight subscription is now required to view this content.
More from Naval Warfare
-
![Euronaval 2026: Baltic breakthrough powers Saildrone’s next European expansion]()
Euronaval 2026: Baltic breakthrough powers Saildrone’s next European expansion
Denmark’s doubled deployment, Mediterranean smuggling routes and Norwegian composite hulls show where uncrewed surveillance demand is heading, while British funding remains unclear.
-
![Euronaval 2026: by the power of six, Fincantieri’s MMMV reflects modular naval shift]()
Euronaval 2026: by the power of six, Fincantieri’s MMMV reflects modular naval shift
The 50m, six-person ship from the Italian shipbuilder carries swappable, containerised payloads instead of a fixed mission, reflecting a shift that is becoming increasingly evident.
-
![Canada’s submarine availability under pressure as Chicoutimi is unlikely to return to front-line duties]()
Canada’s submarine availability under pressure as Chicoutimi is unlikely to return to front-line duties
HMCS Victoria and HMCS Windsor could return from their current deep maintenance, but unconfirmed operational timelines leave questions over patrol capacity before the first CPSP arrives.
