Posted on November 1, 2023
A Congressional Budget Office report estimates that the U.S. Navy’s fiscal year 2024 shipbuilding plan to expand its fleet size to between 319 and 367 aircraft carriers, submarines, surface combatants and other battle force ships would cost approximately $34 billion to $36 billion in 2023 dollars annually over three decades.
CBO said Thursday the figures were based on its analysis of three alternative projections of the Navy’s future fleet in the service’s FY 2024 shipbuilding plan.
According to the report, the projections rose by 5 percent to 10 percent in real terms compared with CBO’s estimates for the 2023 plan.
The Navy’s total budget would climb to approximately $315 billion to $330 billion by 2053 to support the 2024 plan, up from the current budget of $245 billion.
The Navy would purchase more large surface combatants under alternative 1, buy more submarines under alternative 2 and procure more vessels of all types under alternative 3, except for submarines, according to the report.
CBO said the military branch would see the firepower of its fleet of ships reduced over the next 10 years but would increase the number of missile cells and field them on more vessels under all three alternatives to expand its missile capability.