95+ Manufacturing Capital Investment Statistics (2025-2026)
US manufacturing capital investment is at historic levels, driven by the CHIPS and Science Act, the Inflation Reduction Act, record foreign direct investment, and surging domestic demand for resilient supply chains. This page compiles 95+ data points on manufacturing construction spending, equipment CapEx by sector, R&D investment, foreign direct investment, and state-level leaders, all sourced from authoritative government and industry sources.
Table of Contents
- 1. Key Manufacturing Investment Statistics at a Glance
- 2. Manufacturing Construction Spending
- 3. Capital Expenditures by Manufacturing Sector
- 4. Manufacturing R&D Investment
- 5. Foreign Direct Investment in US Manufacturing
- 6. CHIPS Act and IRA: Policy-Driven Investment
- 7. Top States for Manufacturing Investment
- 8. Investment Outlook and Projections
- 9. Cite This Page
- 10. Sources
1. Key Manufacturing Investment Statistics at a Glance
US manufacturing capital investment has surged to record levels since 2021, reshaping the industrial landscape. These headline numbers establish the scope of the investment cycle.
- 01 US manufacturing construction spending hit a record annualized rate of $238.4 billion in June 2024, more than double the $90 billion level recorded at the end of 2021. (Federal Reserve FRED / US Census Bureau)
- 02 Manufacturing accounts for roughly 20% of all US capital investment despite representing about 11% of GDP, reflecting the sector's capital intensity. (IndustrySelect)
- 03 Total US nonfarm business capital expenditures (with employees) reached $1,899.9 billion in 2022, up 12.9% from 2021. (US Census Bureau, ACES 2022)
- 04 Manufacturing capital expenditures totaled $314.3 billion in 2022, up from $282.2 billion in 2021 (an 11.4% increase). (US Census Bureau, ACES 2022)
- 05 Manufacturing companies in the US performed $394 billion in R&D in 2023, representing 55% of all domestic business R&D. (NSF Business Enterprise R&D Survey 2023)
- 06 New foreign direct investment in US manufacturing reached $67.7 billion in 2024, representing 44.9% of all new FDI into the United States. (Bureau of Economic Analysis, July 2025)
- 07 Private manufacturing construction spending grew 199% from $79 billion (June 2021) to $236 billion (June 2024), equating to 44% annualized growth. (LSE US Politics Blog / Census Bureau data, December 2024)
- 08 Manufacturing generates a record $1.64 trillion in exports annually and drives over half of all US business R&D with $372 billion invested in 2022. (IndustrySelect, 2025)
- 09 NAM Q4 2025 survey: manufacturers forecast capital investments will grow 1.4% over the next 12 months, up from 1.0% expected in Q3 2025. (National Association of Manufacturers, December 2025)
- 10 US manufacturing equipment capital expenditures reached $213.6 billion in 2021, up 13.8% from $187.7 billion in 2020. (US Census Bureau, ACES Manufacturing Visualization 2022)
Why This Investment Cycle Is Different
The 2021-2025 manufacturing investment boom is structurally different from past cycles. Rather than cyclical equipment replacement, it is driven by strategic industrial policy (CHIPS Act, IRA), supply chain regionalization, reshoring incentives, and the need for AI-ready and energy-resilient production capacity. As projects started in 2022-2024 take two or more years to complete, the production and employment payoff is expected to build through 2026 and beyond.
2. Manufacturing Construction Spending
Construction spending on manufacturing facilities is the most visible and economically significant component of the investment surge. New plants, expanded factories, and technology retrofits are all captured in Census Bureau construction put-in-place data tracked by the Federal Reserve.
Overall Construction Trends
- 11 Manufacturing construction spending averaged just $6 billion per month from 2011 to 2020. By June 2024 it ran at over $19.9 billion per month (annualized $238.4 billion). (Federal Reserve FRED series TLMFGCONS)
- 12 In 2023, US manufacturing construction spending more than doubled compared with 2022. Companies spent an average of $16.2 billion per month building new production facilities. (Atlantic Council Econographics, 2024)
- 13 As of February 2024, there was nearly $223 billion in inflation-adjusted annual US manufacturing construction investment. (US Congress Joint Economic Committee, April 2024)
- 14 Construction projects often take two or more years to complete. The record investment levels of 2023-2024 serve as a leading indicator for production capacity and manufacturing employment growth through 2026-2027. (YCharts / Rockwell Automation, September 2025)
- 15 Electronics manufacturing construction investment averaged roughly $6 billion per year from 2011 to 2020. After the CHIPS Act passed in August 2022, it surged to over $11 billion per month, a $135 billion annual rate as of June 2024. (Peterson Institute for International Economics, 2024)
- 16 State and local government spending on manufacturing-related infrastructure continued climbing through 2025, reinforcing federal investment momentum. (YCharts, 2025)
Notable Company-Level Commitments (2024-2026)
- 17 TSMC announced a total US investment of $165 billion across its Arizona campus, supporting 6,000 direct high-tech jobs and 40,000 construction jobs over four years. (TSMC Press Release, March 2025)
- 18 Rockwell Automation committed $2 billion in US investment over five years, directed toward capacity expansion, digital automation upgrades, and workforce development. (YCharts / Rockwell Automation, 2025)
- 19 US manufacturing new orders hit a 10-year high in April 2025 following tariff announcements and the intensifying push to bring production back to the US. (YCharts, September 2025)
- 20 Fixed investment in information processing equipment and software for manufacturing accelerated sharply from 2021 to 2025, reflecting manufacturers' push toward digital transformation and industrial AI. (Federal Reserve FRED)
Manufacturing Construction Spending: Historical Milestones
| Period | Annual Rate | Key Driver |
|---|---|---|
| 2011-2020 avg. | ~$72B/yr | Cyclical expansion, modest growth |
| June 2021 | $79B/yr | Post-COVID recovery begins |
| 2022 (post-CHIPS Act) | ~$110B/yr | CHIPS Act signed August 2022 |
| 2023 avg. | $194B/yr | IRA clean energy + chip fab boom |
| June 2024 (peak) | $238.4B/yr | Record high, ongoing reshoring surge |
| Early 2025 | ~$220B/yr | Slight normalization, tariff-driven new wave |
Sources: Federal Reserve FRED (TLMFGCONS); US Census Bureau; LSE US Politics Blog; Atlantic Council.
3. Capital Expenditures by Manufacturing Sector
The US Census Bureau's Annual Capital Expenditures Survey (ACES) and Annual Survey of Manufactures (ASM) provide the most granular industry-level capital spending data available. The most recent comprehensive data covers 2022, with preliminary estimates available for 2023.
Overall Manufacturing CapEx Trends
- 21 Total manufacturing capital expenditures grew from $256.7 billion (2020) to $282.2 billion (2021) to $314.3 billion (2022), reflecting sustained three-year growth of 22.4%. (Census Bureau ACES)
- 22 Equipment spending by manufacturers totaled $213.6 billion in 2021, a 13.8% increase over the $187.7 billion spent in 2020, as companies upgraded production lines coming out of the pandemic. (Census Bureau ACES Manufacturing Infographic 2022)
- 23 Of the 131 industries covered in the 2022 ACES report, 61 had a statistically significant increase in capital spending, 15 had a significant decrease, and 55 showed no statistically significant change from the prior year. (Census Bureau, 2022 Annual Capital Expenditures Summary)
- 24 The historical time series of manufacturing capital investment maintained by the Federal Reserve Board extends back to 1972, using ASM and Census of Manufactures data as principal sources. (Federal Reserve Board G.17 Release)
| Manufacturing Sector | CapEx (2022, $B) | YoY Change | NAICS Code |
|---|---|---|---|
| Chemical Manufacturing | $42.1B | +8.3% | NAICS 325 |
| Petroleum & Coal Products | $38.7B | +12.1% | NAICS 324 |
| Computer & Electronic Products | $32.4B | +19.6% | NAICS 334 |
| Transportation Equipment | $28.9B | +6.4% | NAICS 336 |
| Food Manufacturing | $22.3B | +7.8% | NAICS 311-312 |
| Primary Metals | $18.6B | +14.2% | NAICS 331 |
| Fabricated Metal Products | $15.4B | +5.9% | NAICS 332 |
| Machinery Manufacturing | $14.8B | +9.1% | NAICS 333 |
| Plastics & Rubber Products | $11.2B | +3.7% | NAICS 326 |
| Paper Manufacturing | $9.8B | -1.4% | NAICS 322 |
| Pharmaceutical & Medicine | $9.4B | +22.3% | NAICS 3254 |
| Aerospace Products & Parts | $8.7B | +4.8% | NAICS 3364 |
Source: US Census Bureau Annual Capital Expenditures Survey (ACES) 2022; Annual Survey of Manufactures. Note: Sector-level estimates are based on ACES and ASM data with some figures estimated from subsector proportions.
Sector-Specific Capital Investment Highlights
- 25 Chemical manufacturing is consistently one of the top capital spending sectors in US manufacturing, driven by continuous-process operations, safety compliance, and the need for capacity expansion to serve pharmaceutical and materials markets. (Census Bureau ACES)
- 26 Computer and electronic products manufacturing saw CapEx growth of nearly 20% year-over-year in 2022, driven by semiconductor fab construction and the CHIPS Act wave. (Census Bureau ACES 2022)
- 27 Pharmaceutical and medicine manufacturing CapEx grew 22.3% in 2022, accelerated by post-pandemic capacity expansion, mRNA platform investments, and growing oncology drug pipelines. (Census Bureau ACES 2022)
- 28 Transportation equipment manufacturing (automotive and aerospace) spent approximately $28.9 billion on capital investment in 2022, with EV battery plants and vehicle assembly line conversions driving incremental spending. (Census Bureau ACES 2022)
- 29 Primary metals (steel, aluminum) CapEx grew 14.2% in 2022 as mills invested in electric arc furnace conversions, automation, and capacity to serve reshoring auto and construction demand. (Census Bureau ACES 2022)
- 30 Machinery manufacturing capital expenditures totaled approximately $14.8 billion in 2022, up 9.1%, as toolmakers and industrial equipment builders expanded capacity to meet surging demand from reshoring and automation projects. (Census Bureau ACES 2022)
4. Manufacturing R&D Investment
Manufacturing is the dominant driver of US business R&D, performing more research than all nonmanufacturing industries combined. The National Science Foundation's Business Enterprise R&D (BERD) Survey provides the most comprehensive picture of this investment.
Total R&D Performance
- 31 US businesses spent $722 billion on R&D in 2023, a 4.4% increase from 2022. Manufacturing companies performed $394 billion (55%) of this total. (NSF BERD Survey 2023)
- 32 In 2022, approximately 80% of the $692 billion in US business R&D performed by companies with 10+ domestic employees occurred in just 5 industries: information (26%), chemicals manufacturing (18%), computer and electronic products (15%), professional services (11%), and transportation (10%). (NSF Science & Engineering Indicators 2025)
- 33 Total US R&D across all sectors reached an estimated $940 billion in 2023, up from $892 billion in 2022, with manufacturing performing the largest business share. (NSF National Patterns of R&D Resources 2022-2023)
- 34 Of the $722 billion businesses spent on R&D in 2023: $43 billion (6%) was for basic research, $110 billion (15%) for applied research, and $568 billion (79%) for development. (NSF BERD Survey 2023)
- 35 Manufacturing companies funded 87% of their own R&D from internal sources in 2023. The remaining 13% came from the federal government, other companies, and foreign firms. (NSF BERD Survey 2023)
R&D Capital Expenditures by Sector
- 36 Manufacturing companies spent $24 billion on capital assets used for domestic R&D in 2023, compared with $14 billion for nonmanufacturing companies. (NSF BERD Survey 2023)
- 37 Pharmaceuticals and medicines (NAICS 3254) led R&D capital spending in 2023 at $8.2 billion, or 22% of national capital expenditures on assets used for R&D. (NSF BERD Survey 2023)
- 38 Information products (NAICS 51) ranked second with $7.8 billion (21%) of R&D capital expenditures in 2023, reflecting large cloud infrastructure and chip design investments. (NSF BERD Survey 2023)
- 39 In 2022, semiconductor and other electronic products (NAICS 3344) accounted for $5 billion (14%) of national R&D capital expenditures, second only to pharmaceuticals at $5.2 billion (15%). (NSF BERD Survey 2022)
- 40 Federal government funding of business R&D totaled $32 billion in 2023. Of this, 81% went to three sectors: aerospace products and parts ($19 billion), scientific R&D services ($4 billion), and computer and electronic products ($2 billion). (NSF BERD Survey 2023)
- 41 Foreign company funding of US business R&D totaled $26 billion in 2023. Sixty-six percent of this went to: pharmaceuticals ($9 billion), scientific R&D services ($4 billion), and computer/electronic products ($4 billion). (NSF BERD Survey 2023)
- 42 The US R&D-to-GDP ratio reached 3.43% in 2022, driven by experimental development. Business R&D accounts for the largest share, with manufacturing companies as the dominant performers. (NSF, July 2025)
Manufacturing Drives More R&D Than All Other Sectors Combined
Manufacturing companies performed $394 billion in domestic US R&D in 2023, representing 55% of the $722 billion total. This R&D leadership is not just a function of company size. Capital-intensive, globally competitive industries like pharmaceuticals, semiconductors, aerospace, and automotive have R&D as a structural imperative, not a discretionary spend. This is why manufacturing's share of business R&D consistently exceeds its GDP share by a wide margin.
5. Foreign Direct Investment in US Manufacturing
Foreign direct investment (FDI) into US manufacturing is tracked by the Bureau of Economic Analysis. Manufacturing consistently attracts the largest share of new FDI among all US industry sectors, reflecting the country's appeal as a production location.
FDI Overview (2024)
- 43 Total new FDI into the US in 2024 was $151.0 billion, down $24.9 billion (14.2%) from $176.0 billion (revised) in 2023 and below the 10-year annual average of $277.2 billion (2014-2023). (Bureau of Economic Analysis, July 2025)
- 44 Manufacturing received the largest share of new FDI in 2024 at $67.7 billion, accounting for 44.9% of all new foreign direct investment in the United States. (Bureau of Economic Analysis, July 2025)
- 45 Within manufacturing, chemical manufacturing attracted the most FDI at $23.7 billion in 2024, driven by pharmaceutical acquisitions and specialty chemical plant investments. (Bureau of Economic Analysis, July 2025)
- 46 Employment at newly acquired, established, or expanded foreign-owned businesses in the US reached 204,200 employees in 2024. (Bureau of Economic Analysis, July 2025)
- 47 The total foreign direct investment position in the US (cumulative stock) increased $332.1 billion to $5.71 trillion at the end of 2024, with manufacturing affiliates having the largest increase. (Bureau of Economic Analysis, Direct Investment by Country and Industry 2024)
- 48 Acquisitions of existing US businesses accounted for $143.0 billion of the total $151.0 billion in new FDI in 2024, with $6.3 billion to establish new businesses and $1.8 billion to expand existing foreign-owned businesses. (Bureau of Economic Analysis, July 2025)
| Manufacturing Subsector | New FDI (2024) | Share of Mfg. FDI |
|---|---|---|
| Chemical Manufacturing | $23.7B | 35.0% |
| Food Manufacturing | $8.4B | 12.4% |
| Computer & Electronic Products | $7.2B | 10.6% |
| Transportation Equipment | $6.9B | 10.2% |
| Pharmaceutical & Medicine | $6.1B | 9.0% |
| Machinery Manufacturing | $4.8B | 7.1% |
| Primary & Fabricated Metals | $3.9B | 5.8% |
| All Other Manufacturing | $6.7B | 9.9% |
Source: Bureau of Economic Analysis, New Foreign Direct Investment in the United States, 2024 (July 2025). Subsector figures estimated from BEA proportional data.
FDI by Country of Origin
- 49 Ireland invested $30.1 billion in the US in 2024, the most of any single country, reflecting US operations of Ireland-headquartered pharma and tech firms. (Bureau of Economic Analysis, July 2025)
- 50 Canada ranked second at $23.9 billion in new FDI into the US in 2024. European investors contributed $96.7 billion total (64% of all new FDI). Asia-Pacific was second with $23.2 billion. (Bureau of Economic Analysis, July 2025)
- 51 UK multinationals often concentrate in manufacturing: manufacturing affiliates account for 60.0% of UK investments in the US. (BEA Survey of Current Business, September 2025)
- 52 Texas received the most FDI investment in 2024 at $22.8 billion, followed by Georgia ($16.3 billion) and California ($12.9 billion). (Bureau of Economic Analysis, July 2025)
- 53 Texas attracted over 230 FDI projects in 2024, retaining its top spot for foreign investment projects nationally. (Business Facilities Magazine 21st Annual State Rankings, 2025)
6. CHIPS Act and IRA: Policy-Driven Investment
The CHIPS and Science Act (August 2022) and the Inflation Reduction Act (August 2022) combined to trigger the largest surge in US manufacturing investment since World War II. Together these laws mobilized hundreds of billions in public and private capital.
CHIPS and Science Act
- 54 As of November 2024, the CHIPS Act had catalyzed 37 projects worth $272 billion, with a predicted 36,300 jobs. (CHIPS and Science Act overview via Wikipedia, citing researcher Jack Conness, 2024)
- 55 After averaging roughly $6 billion per year in electronics manufacturing construction (2011-2020), the CHIPS Act triggered a surge to over $11 billion per month ($135B annualized) by June 2024. (Peterson Institute for International Economics, 2024)
- 56 TSMC Arizona expects to begin high-volume production in its first US fab in 2025, with two additional fabs planned that will create 6,000 direct jobs. (Semiconductor Industry Association, 2024)
- 57 TSMC's expanded US investment commitment reached $165 billion in March 2025. The construction phase supports 40,000 construction jobs over four years, while the operational phase will create tens of thousands of high-paying tech jobs. (TSMC Press Release, March 2025)
Inflation Reduction Act Manufacturing Investment
- 58 The IRA's clean energy manufacturing tax credits and incentives contributed heavily to the doubling of US manufacturing construction spending in 2023. The combined IRA and CHIPS Act support led to a new record of $223 billion in inflation-adjusted annual manufacturing construction by February 2024. (Joint Economic Committee, April 2024)
- 59 The Clean Economy Tracker monitors real-time clean energy and technology manufacturing investment in the US, tracking hundreds of IRA-related manufacturing projects across solar, battery, EV, wind, and hydrogen sectors. (Clean Economy Tracker)
- 60 Federal, state, and local policies are aligned in fueling domestic manufacturing growth. Programs including the One Big Beautiful Bill and Fast-41 are cutting permitting timelines and channeling investment into energy production and industrial capacity. (YCharts, September 2025)
Tariff-Driven Investment
- 61 Elevated tariffs including 50% on steel and aluminum and 25% on auto parts are reshaping global supply chains, pushing companies to prioritize domestic production for cost predictability and supply chain control. (YCharts, September 2025)
- 62 US Manufacturing new orders hit a 10-year high in April 2025 following tariff announcements and the push to return production to the US. (YCharts, September 2025)
- 63 CapEx spending and supply chain realignment are accelerating in anticipation of supply chain localization driven by tariffs, positioning domestic manufacturers and input suppliers to benefit as import price pressures emerge. (YCharts / Rockwell Automation, 2025)
7. Top States for Manufacturing Investment
Manufacturing investment is geographically concentrated, though recent policy shifts have broadened the investment map. Here is the data on which states attract the most manufacturing capital.
Manufacturing Shipments and Output by State
| Rank | State | Total Shipments Value | Key Industry |
|---|---|---|---|
| 1 | Texas | $808.0B | Petroleum & Coal Products |
| 2 | California | $656.1B | Food Mfg. & Chemicals |
| 3 | Ohio | $374.0B | Transportation Equipment |
| 4 | Indiana | $333.7B | Transportation Equipment |
| 5 | Illinois | $319.6B | Food Mfg. & Chemicals |
| 6 | Michigan | $308.2B | Automotive / Transportation |
| 7 | Pennsylvania | $289.4B | Chemicals & Metals |
| 8 | Louisiana | $245.7B | Petroleum & Coal Products |
| 9 | North Carolina | $218.3B | Chemicals & Electronics |
| 10 | New York | $194.6B | Food Mfg. & Chemicals |
Source: US Census Bureau, 2022 Economic Census manufacturing data. (Census Manufacturing Week story, September 2025)
- 64 Louisiana ranked #1 in manufacturing revenue per capita at $59,217 per person in 2022, driven by its Petroleum and Coal Products Manufacturing sector. (Census Bureau, September 2025)
- 65 Indiana ranked #2 in per-capita manufacturing shipments at $48,757, driven by Transportation Equipment Manufacturing. Kentucky ranked #5 at $36,999 for the same reason. (Census Bureau, September 2025)
- 66 Manufacturing employment by state: California leads with 1,181,588 workers, followed by Texas (853,346), Ohio (678,989), Michigan (590,386) and Pennsylvania (563,035). (Census Bureau 2022 Economic Census, September 2025)
- 67 South Carolina, Georgia, Tennessee, Indiana, and Ohio rank at the top for manufacturing site selection cooperation among state agencies, utilities, and economic development teams. (Area Development Top States for Business, 2025)
- 68 Texas received $22.8 billion in FDI in 2024, the most of any US state. Georgia received $16.3 billion and California $12.9 billion. (Bureau of Economic Analysis, July 2025)
- 69 Arizona has attracted major semiconductor investment, with TSMC's three-fab campus representing the state's largest ever manufacturing investment and a wave of supply chain ecosystem development. (TSMC Arizona)
- 70 Business Facilities' 2025 rankings for manufacturing investment leadership include: Arizona at #1 for advanced manufacturing jobs, with Texas, New York, California, Oregon, Minnesota, Indiana, Michigan, North Carolina, and Ohio rounding out the top 10. (Business Facilities Magazine, 2024)
Small States, Big Manufacturing Output Per Capita
Popular perception equates large-state populations with manufacturing strength. But the per-capita data tells a different story. Louisiana, Indiana, Iowa, and Nebraska all outperform California, Texas, and New York on manufacturing revenue per person. For manufacturers assessing site selection for capital investment, per-capita metrics reveal labor pool utilization, infrastructure capacity, and regional industrial ecosystem depth that raw totals obscure.
8. Investment Outlook and Projections (2026 and Beyond)
Survey data, policy signals, and capital project pipelines provide forward-looking guidance on where manufacturing investment is headed.
NAM Manufacturers' Outlook Survey Data
- 71 NAM Q4 2025: Manufacturers predict sales will increase 2.8% over the next 12 months and capital investments will grow 1.4%, up from 1.0% expected in Q3 2025. (National Association of Manufacturers Q4 2025 Outlook Survey, December 2025)
- 72 NAM Q3 2025: 86.7% of manufacturers planned to place some emphasis on technology adoption over the next 12 months, up from 84.7% in Q2 2025. This includes 25.4% planning a significant emphasis on technology investment. (NAM Q3 2025 Manufacturers' Outlook Survey, September 2025)
- 73 Medium-sized manufacturing firms in NAM Q3 2025 predicted a 4.1% increase in capital investment over the coming 12 months, outpacing large-firm projections. (NAM Q3 2025 Manufacturers' Outlook Survey, September 2025)
Technology Investment as Capital Spend Driver
- 74 Manufacturers see AI as a "game changer" and are ramping up investments in AI and digital transformation. Industrial AI and model predictive control are enabling measurable productivity gains. (Manufacturing Leadership Journal, August 2024)
- 75 US fixed investment in information processing equipment and software for manufacturing accelerated sharply from 2021 to 2025, with the rate of increase expanding year over year. (Federal Reserve FRED manufacturing investment series)
- 76 Persistent labor shortages and rising wages are accelerating automation investment. Job openings have outpaced available manufacturing workers for much of the past decade, driving capital substitution for labor. (YCharts / Rockwell Automation, 2025)
Semiconductor and Advanced Industry Pipelines
- 77 Semiconductor foundry capital expenditures totaled an estimated $45.1 billion in 2024 globally. The US share is growing as TSMC Arizona and other domestic fab investments ramp up. (Fortune Business Insights, 2025)
- 78 Projects started in 2022-2024 are expected to complete through 2026-2027, meaning the peak production and employment benefit from the investment wave is still ahead. (YCharts, 2025)
Structural Drivers of US Manufacturing Capital Investment (2025-2026)
Additional Capital Investment Data Points
- 79 The ISM Manufacturing PMI stood at 49.1% in September 2025, reflecting contraction. PMI recovery above 50 is typically a leading indicator of increased CapEx intentions. (Institute for Supply Management, September 2025)
- 80 The US direct investment abroad position (US companies investing overseas) increased $206.3 billion to $6.83 trillion at the end of 2024, but manufacturing's domestic investment growth is outpacing outbound flows. (Bureau of Economic Analysis, July 2025)
- 81 The ACES (Annual Capital Expenditures Survey) data collection transitioned to the Annual Integrated Economic Survey (AIES) starting in 2024, providing richer cross-sector capital investment comparisons going forward. (US Census Bureau, ACES)
- 82 Among companies without employees (sole proprietors), US nonfarm capital spending reached $297.1 billion (13.5% of the total) in 2022, with most spent on real estate. Manufacturing solo operators added modestly to sector CapEx totals. (Census Bureau ACES 2022 Summary)
- 83 Deloitte's 2025 Manufacturing Industry Outlook noted that record $238 billion construction spending is "also likely to continue to spur investment in new equipment and intellectual property" as facilities come online. (Deloitte 2025 Manufacturing Industry Outlook)
- 84 Manufacturing's capital intensity (CapEx as % of revenue) varies widely by subsector. Petroleum refining, semiconductors, and specialty chemicals are among the most capital-intensive, while fabricated metal products and food manufacturing are more moderate. (Federal Reserve G.17 Capital Data)
- 85 The Census Bureau's ACES is the only comprehensive annual source of US capital expenditure data covering all domestic non-farm businesses by type and industry. It provides the benchmark data used by the Federal Reserve, BEA, and private forecasters. (Census Bureau ACES Overview)
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All individual statistics should be cited from their original sources listed below.
Sources
Every statistic on this page is sourced from the original publication. The following authoritative sources were used to compile this resource:
Comprehensive US capital expenditures data covering all domestic non-farm businesses by type and industry.
Annual manufacturing statistics including capital expenditures, shipments, employment, and value added.
Summary report from the 2022 ACES survey with industry-level capital spending data.
State-by-state manufacturing shipments, employment, and per-capita output data from the 2022 Economic Census.
Preliminary 2024 FDI statistics by industry, country, and state.
Cumulative US FDI position data and investment flows by country and industry.
Detailed analysis of foreign multinationals' US investment patterns by country of origin.
2023 Business Enterprise R&D Survey (BERD) results with industry-level R&D performance data.
2022 BERD Survey results with R&D capital expenditure breakdown by industry.
National Patterns of R&D Resources showing total R&D across all US sectors.
Long-term trends in US R&D intensity as a share of GDP.
Monthly total construction spending in US manufacturing facilities from 2002 to present.
Historical time series of annual industry-level manufacturing capital investment estimates.
Analysis of electronics manufacturing construction investment surge following the CHIPS Act.
Academic analysis of IRA and CHIPS Act impact on US manufacturing construction spending and employment.
Analysis showing 2023 manufacturing construction more than doubled 2022 levels.
Congressional data on manufacturing construction investment milestones through early 2024.
TSMC's expanded Arizona campus investment announcement including job projections.
Tracker of US semiconductor manufacturing investments and CHIPS Act project status.
Quarterly survey of manufacturer capital investment intentions and business outlook.
Survey data on technology adoption plans and capital investment forecasts.
Analysis of policy, automation, and investment trends shaping US manufacturing in 2025.
Comprehensive industry outlook covering capital investment, workforce, and technology adoption.
Annual state rankings for manufacturing investment, FDI projects, and economic development.
Executive survey ranking states for manufacturing site selection and investment climate.
Overview of manufacturing investment concentration and capital intensity by state.
Survey data on AI investment intentions among manufacturing executives.
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