"A skilled workforce is the engine room of a thriving economy."
Mr Bridges said the extra funding would keep more 16 and 17-year-olds engaged in vocational training and would help young people on benefits into skills training.
"The construction sector is growing strongly and increased apprenticeship numbers will help fill skill gaps and provide the new people coming through to maintain that growth."
Last year there were more than 42,000 people enrolled in apprenticeships and apprenticeship training and the number of new apprenticeships in trades such as carpentry, plumbing, and electrical engineering were at the highest levels in nearly a decade.
"This is a trend which will continue to grow," Mr Bridges said.
"This funding will help young people into employment and a lifelong career and also help ease the pressure of finding workers in those high-demand industries."