Company to invest $100 million for submarine building at the Philadelphia Navy Yard

PHILADELPHIA (WPVI) -- One hundred million dollars will be invested in submarine building operations at Philadelphia Navy Yard.

The economic boost is thanks to an investment from shipbuilder Rhoads Industries.

Gov. Josh Shapiro said during an announcement on Thursday that the commonwealth will invest $4 million in Rhoads.

The total investment will allow the company to double the number of submarines it will build for the U.S. Navy.

Rhoads will build a new 95,000 square-foot manufacturing facility, adding to its already massive footprint in the Navy Yard.

The governor touted what this means for the next generation of laborers in Philadelphia, saying Rhoads offers union apprenticeships and technical internships for local high schoolers.

"Thanks to the work that's being done here, right now, America's Navy will continue to protect the interest and advance the cause of freedom and protect against threats around the globe," Shapiro said.

"Right now we have 350 people on submarines and in about four years we'll probably have about 1,000 people on submarines," said Dan Rhoads, CEO of Rhoads Industries.

Rhodes Industries has been in Philadelphia for 130 years.