ICYMI: Private Manufacturing Commitments Have Doubled Since President Biden Took Office
FOR IMMEDIATE RELEASE: April 17, 2023
PRESS CONTACT: Olivia Eggers, (860) 913-1890, [email protected]
ICYMI: PRIVATE MANUFACTURING COMMITMENTS HAVE DOUBLED SINCE PRESIDENT BIDEN TOOK OFFICE
WASHINGTON, D.C. — A new report released today shows that private sector manufacturing commitments have doubled in the U.S. under the Biden-Harris Administration. Laws signed by President Biden, including the CHIPS and Science Act and Bipartisan Infrastructure Law, are spurring manufacturing investments, bringing supply chains home from overseas, and creating good-paying union jobs in communities across the country.
“President Biden’s agenda represents an unprecedented commitment to American manufacturing and American workers,” said Building Back Together spokesperson Olivia Eggers. “On his watch, we’re seeing billions in private sector funding that will set America up to lead the world in manufacturing again and improve the lives of working people here at home. This is a once-in-a-generation manufacturing boom – and it’s thanks to the president’s leadership.”
See more on today’s report that private sector manufacturing commitments have doubled on President Biden’s watch:
Financial Times: US manufacturing commitments double after Biden subsidies launched
Companies have committed more than $200bn to US manufacturing projects since Congress passed sweeping subsidies last year, as President Joe Biden’s effort to spark a new industrial revolution gains momentum. 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, according to data compiled by the Financial Times.
Wall Street Journal: America Is Back in the Factory Business
Production at U.S. factories rose last year, but few things were produced at a more furious pace than factories themselves. Construction spending related to manufacturing reached $108 billion in 2022, Census Bureau data show, the highest annual total on record—more than was spent to build schools, healthcare centers or office buildings.
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. “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.
A few highlights from $435 billion in private sector investments announced since President Biden took office:
Atlanta Journal-Constitution: How the Qcells solar panel deal highlights a U.S. manufacturing push
For years, a glut of cheap Chinese-made solar panels decimated America’s solar cell makers, including two Georgia companies that shut their doors several years ago. But last week’s announced order for 2.5 million solar panels from Qcells in northwest Georgia — which was announced by Vice President Kamala Harris — put an exclamation point on the U.S. solar industry’s rebound.
The commitment by Micron is a sign that the federal government’s prodding and package of generous incentives are helping to steer investment decisions. Legislation that passed in August, the CHIPS and Science Act of 2022, provides $52 billion in grants and subsidies for companies to build and expand computer chip factories in the country.
The company will also announce it will be producing more technically advanced chips than originally proposed. The investment by TSMC is one of the largest foreign investments in U.S. history, and the biggest in the state of Arizona.
IBM plans to invest $20 billion in New York’s Hudson Valley region, once a manufacturing powerhouse, over the next decade to make and develop semiconductors, mainframe technology, artificial intelligence and quantum computing.
Building Back Together is a 501(c)4 nonprofit organization that serves as a messaging and organizing hub for national and in-state allies to advance the legislative agenda of the Biden-Harris Administration. BBT works alongside our partners to educate communities across the country about how the Biden-Harris agenda impacts their lives – by creating good-paying union jobs, lowering costs, and fueling economic growth – and contrasting these legislative accomplishments with the harmful plans of Republicans in Congress.