Recent Census data shows that construction spending by US manufacturers more than doubled over the past year.
The chart below (click to enlarge) is from Axios' A manufacturing investment supercycle is starting. It shows "spending on manufacturing construction — new factories — is tracking at a $189 billion annual rate, triple the average rate in the 2010s ($63 billion)."
According to Axios, the main driver of this boom is incentives provided by recent federal legislation - the Inflation Reduction Act, the Infrastructure Law, and the CHIPS and Science Act. Key quote:
".. there are billions flooding into large, expensive megaprojects to manufacture batteries, solar cells, semiconductors and much more."
Another factor is the reshoring of manufacturing. This is a longer-term trend accelerated by the pandemic and trade issues with China.
America's factory boom will not just benefit the owners of manufacturing megaprojects. Small manufacturers will also benefit from the incentives - as suppliers to the new megaproject manufacturing facilities.
And once the factories are built, manufacturing output and employment will increase, which is good for the overall economy.