In December 2016, the Navy released a new force structure assessment that called for building a 355-ship fleet. CBO estimates that construction costs for a fleet of 355 ships would average $26.6 billion (in 2017 dollars) per year over the next 30 years, which is 60 percent more than what the Navy has spent on average over the past 30 years. A larger fleet will also lead to greater operation and support costs. Presentation by Eric Labs, CBO’s Senior Analyst for Naval Forces and Weapons, at the Bank of America Merrill Lynch Defense Outlook Forum.