Early signs from U.S. economic data suggest that the Inflation Reduction Act and the CHIPS Act are having a substantial effect on domestic manufacturing. Total construction spending in manufacturing has nearly tripled over the past two years. August 2023 saw manufacturing construction spending reach a record monthly high of $17 billion. At the same time, manufacturing employment is starting to tick up from recent all-time lows as a percentage of the total workforce. In September, it surpassed 13 million manufacturing jobs for the first time since the Great Recession.
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