U.S. Industries Vow $200-B Investments

The Biden administration’s efforts to boost US manufacturing is succeeding, with some business sectors plowing in almost 20 times the investment in new US manufacturing projects versus only a few years ago, Tristan Bove reported for Fortune.

Photo Insert: Biden scored two major legislative wins that unlocked billions to support new US manufacturing—last year’s Inflation Reduction Act and the CHIPS and Science Act.

Joe Biden made bringing manufacturing jobs and investment back to the US a cornerstone of his presidential campaign in 2020. He scored two major legislative wins that unlocked billions to support new US manufacturing—last year’s Inflation Reduction Act and the CHIPS and Science Act.

Together, the two landmark acts inject over $400 billion into clean energy technology and semiconductor manufacturing in the form of government incentives and subsidies, as well as create thousands of new jobs.

US companies have committed over $200 billion to new manufacturing projects since the bills passed, according to a Financial Times analysis Sunday.

The largest investment has been in clean tech and semiconductors, where new financing is almost double what it was in 2021 and nearly 20 times above 2019 levels.

The number of large projects that have attracted more than $1 billion has also exploded, up from four in 2019 to 31 currently, the FT found. Under Biden, the US generated 750,000 jobs, with more than 100,000 in clean technology.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic