Companies have committed more than $200 billion to U.S. manufacturing projects as President Biden’s “effort to spark a new industrial revolution gains momentum,” according to a new Financial Times report.
Why it matters: “The investment in semiconductor and clean tech investments is almost double the commitments made in the same sectors in the whole of 2021, and nearly 20 times the amount in 2019,” the FT calculates.
Manufacturing is a huge part of Biden’s reelection message, and the gains are spread across the country:
- The White House points to huge semiconductor-manufacturing plans for North Carolina, Ohio, Arizona and upstate New York.
- The Commerce Department announced Friday that 200+ companies have submitted statements of interest for CHIPS and Science Act funding for projects in 35 states.
What they’re saying: “The last administration talked a lot about bringing jobs back to America, but failed to take real action. President Biden is taking action and delivering results — creating good-paying manufacturing jobs at home,” White House chief of staff Jeff Zients said in a statement to Axios.
- “And this is just the beginning. President Biden has given his team a clear mandate to continue this momentum by implementing pro-worker policies and investing in all of America.”