U.S. defense industry profits soared as Washington sought new contracts to replenish the country’s depleted stockpiles and European countries placed new arms orders amid fears of Russia, reports said on Oct. 27. In a Reuters report.
Some of the largest U.S. defense contractors, such as Lockheed Martin and General Dynamics, reported higher earnings as governments around the world, including the U.S., increased demand for weapons and ammunition.
The US has sent a significant amount of military equipment to Ukraine from its stockpile, and now it needs to be replaced by new orders.
The need to replenish US stocks has boosted the country’s defense industry, which has also directly supplied Ukraine.
This trend is not unique to the US – European defense contractors have also seen increased demand and higher revenues.
Characterizing US aid to Ukraine as a boost to the American economy has been seen as a potential way to help revive waning support among the US population, particularly within the Republican Party.
Many of the factors used by U.S. defense contractors are located in typically Republican-leaning states, and as demand increases, so does the need for workers.
September 25 An opinion piece published by the German Marshall Fund suggests that ongoing US military aid to Ukraine has essentially been “reinvested” at home.
ZUMAPRESS / Scanpix photo/HIMARS – mobile rocket artillery system
The company Lockheed Martin, which produces high-mobility artillery missile systems (HIMARS), in September. announced that it plans to 20 percent to increase the number of employees at its plant in Camden, Arkansas.
General Dynamics, which also makes military equipment used in Ukraine, will open a new factory in Mesquite, Texas, which will employ more than 125 people and boost the local economy.
Ukraine has also seen significant growth in its domestic defense industry. More than 200 Ukrainian companies started developing drones, on October 7. said Prime Minister Denis Šmyhalas.
October 25 Oleksandr Kamyshin, Minister of Strategic Industries, stated that Ukraine could soon produce tens of thousands of drones per month.
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