"Our market has changed dramatically since World War II, when shifting administrative priorities, from Republican and Democratic administrations, curbed programs to support our industry," he said.
The US naval fleet has shrunk from 471 vessels after the Cold War in 1992 to 295 today, Paxton said.
According to the Congressional Budget Office (CBO), the US Navy's current plan to build a fleet of 390 vessels by 2054 -- with the purchase of 364 new vessels because of the decommissioning of older models -- would cost an average $40 billion a year.
Paxton said the Trump administration needs a comprehensive strategy for the industry -- including ways to reduce administrative and regulatory obstacles -- if it is to achieve its shipbuilding goals.