Former governor Lincoln Chafee announced his departure from the presidential race Friday morning, six months after he launched what proved to be a quixotic bid for the nation's top office.

"As you know I have been campaigning on a platform of Prosperity Through Peace," Chafee said, in prepared remarks for an address to a group of Democratic women in Washington. "But after much thought I have decided to end my campaign for president today.  I would like to take this opportunity one last time to advocate for a chance be given to peace."

Catherine Welch / RIPR

The president of Electric Boat said there is opportunity ahead for the submarine maker. But there’s concern about the future of federal funding.

In his forecast to lawmakers, Electric Boat President Jeff Geiger said declining defense budgets and cuts out of Washington create an uncertain environment for the company.

File / RIPR

A new report finds defense workers are being paid the highest wages in Rhode Island. The state’s Defense Economy Planning Commission released the report, which focused on the industry’s economic impact last year.

It finds there are 16,000 defense workers in the state. Commission co-chair Senator Louis DiPalma said those jobs support other jobs.  “The 1.5 multiplier. So for every one job, there’s 1.5 additional jobs that can be multiplied by that. That’s a big deal,” said DiPalma.

file / RIPR

General Dynamics has landed a $17.6 billion Navy contract to build submarines. The Virginia-class subs will be built at Electric Boat in Quonset Point. General Dynamics spokesman Bob Hamilton said this contract involves ten submarines, starting construction over the next five years at a rate of two per year.