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
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