Rhode Island is spending $14 million to improve and modernize the port and infrastructure at Quonset Business Park, and has committed up to $20 million in tax breaks for Electric Boat.
The submarine manufacturer is investing $792 million in the expansion of its Quonset Point site.
Earlier this week, the company announced plans to spend $850 million at its Groton, Connecticut facility. The Rhode Island investment is slightly smaller, but Governor Gina Raimondo said it’s a good deal.
"We have invested much less money and given a much smaller tax break than Connecticut did. You know, you do what you need to do in order to get the jobs here. And of course, we always try to get the best deal we can," Raimondo said.
Electric Boat is planning to hire 1,300 employees in Rhode Island and add 2,000 jobs in Connecticut. Raimondo said these jobs in Rhode Island will average $62,000 per year.
Stefan Pryor, Secretary of Commerce, estimated the project will yield nearly $100 million in state revenue over the next 15 years.
Governor Raimondo said this one million square foot project will be the second largest project labor agreement in the state’s history.