Industry Analysis & Industry Trends
Although most manufacturing industries faced severe declines during the recession, the Ship Building industry was able to weather the storm with only slight dips in revenue. Over the past five years, the industry has benefited from a steady amount of work stemming from government and military clients and the time lag between ordering a ship and its completion. Additionally, demand grew due to greater demand from ocean and coastal transportation companies, which require ships for operations. In the five years to 2013, IBISWorld estimates that the Ship Building industry's revenue will grow at an average annual rate of 2.8% to $759.6 million, including an increase of 6.3% in 2013... purchase to read more
Industry Report - Industry Locations Chapter
Shipyards are generally situated near major international shipping routes and within reach of the most prominent US ports because the United States is the country's largest trading partner. With shipyards being located in these areas, companies will face reduced shipping costs and be able to get ships to customers faster. Major player Irving Shipbuilding cites sailing distances shorter than 600 nautical miles to New York, 380 nautical miles to Boston, 750 nautical miles to Norfolk and 2,374 nautical miles to the United Kingdom.
About 42.7% of industry establishments are located in British Columbia, with Ontario and Quebec falling next in line at 21.7% and 11.5%, respectively... purchase to read more