JPMorgan CEO Jamie Dimon warns of severe skilled trades shortage in US

Author: Hillary Remy Read Time: 5 minutes

While half of corporate America focuses on replacing workers with AI, JPMorgan Chase CEO Jamie Dimon delivered a different message in Philadelphia: the country does not have enough welders or electricians—and the ones it does have are aging.

Dimon spoke on July 15 at the Philadelphia Navy Yard, where JPMorgan Chase announced a $24 million investment in the city's shipbuilding and maritime manufacturing sector. The investment is significant, but Dimon's remarks on the workforce shortage carry the greater weight.

What Jamie Dimon Said About America's Skilled Worker Shortage

"We need 300,000 electricians, welders, etc. to build ships in the next five or 10 years," Dimon told CNBC.

"We hear from clients all the time, they don't have the workers they need. That could be welders, electricians. A lot of those folks are near retirement age," he added, as reported by The Wall Street Journal.

JPMorgan's own research estimates demand for 250,000 new skilled shipbuilding workers over the next decade. McKinsey, analyzing Labor Department data, arrived at a similar figure. Currently, 27% of workers in these roles are aged 55 or older, and the pipeline of younger workers is insufficient to replace them.

This aspect of the labor market rarely makes headlines. AI dominates the conversation, but the skilled trades shortage is equally serious for industries reliant on physical labor.

Why Skilled Trades Pay $80,000 to $100,000 Without a College Degree

Dimon made a specific pitch on July 15 that went beyond the workforce crisis. He described skilled trades as a viable path to substantial income without a college degree or student debt.

"It fits what we call the American dream," he told reporters. "Getting kids skills or all workers' skills that they have jobs that could pay 80-, 90-, $100,000 a year after you know a year or two of training. This lifts up America. It helps build the defense industry."

Key points:

• Apprenticeships in skilled trades often pay workers while they train, unlike college where students pay tuition and hope future jobs justify the debt.
• A welder or electrician completing an apprenticeship can reach six-figure earnings in their mid-twenties with no student loans.
• As AI continues to displace knowledge work—programming, data analysis, writing, basic legal work—skilled trades remain resistant to automation. The work is physical, requires years of skill development, and cannot be performed remotely by a language model.

Why America Is Running Out of Welders, Electricians, and Skilled Trade Workers

The shortage did not emerge overnight. Baby boomers filled shipyards through the late 20th century, but as that generation aged, fewer younger workers followed. Millennials were steered toward four-year degrees, and the perception of trades as blue-collar, unstable, and less prestigious drove a generational exit from careers the economy still needs.

Key statistics:

• The American merchant fleet has declined to fewer than 190 flagged vessels, down from a peak of nearly 3,000 in the 1960s.
• Hampton Roads, Virginia, currently faces a shortage of 10,000 shipyard workers, expected to grow to 40,000 by 2030, according to Yahoo Finance.
• Huntington Ingalls Industries, the largest military shipbuilder in the U.S., continues to report workforce gaps.

This article originally appeared on TheStreet.