Manufacturing Revival Creates Tailwinds for U.S. Infrastructure Spending

The United States is experiencing a manufacturing resurgence, facilitated by a changing federal policy landscape and a shift to companies prioritizing supply chain resilience. Over the first eight months of the second Trump Administration, companies announced over $1.2 trillion in planned advancements towards expanding U.S. production capacity.¹ Our analysis indicates that the majority of these investments target the reshoring of strategic industries - primarily semiconductors, electronics, and pharmaceuticals. These investments add on to the more than $750 billion in U.S. manufacturing investments announced under the Biden Administration.² As these planned manufacturing investments make their way through the development process, we expect significant opportunities to materialize for companies throughout the U.S. infrastructure development value chain, such as construction and engineering services providers, raw material suppliers, equipment suppliers, and industrial transportation service providers. 

Key Takeaways 

• Between January and September 2025, companies announced over $1.2 trillion in investments towards building out U.S. production capacity – led by electronics, pharmaceuticals, and semiconductors.³

• The increase in planned U.S. production investments could lead to another period of accelerated construction manufacturing spending.

• Building out U.S. manufacturing capacity across industries will likely create significant opportunities for U.S. infrastructure developers, as the construction and operation of large-scale manufacturing facilities requires significant materials, labor, and power.

Announced U.S. Production Investments Span an Increasingly Diverse Set of Industries

The U.S. manufacturing landscape is at an inflection point in 2025, where producing goods in America has become more of a long-term strategic necessity. The implementation of ‘America First’ trade policies under the Trump Administration, including broad-based tariffs, have led to a flurry of planned investments by companies to increase U.S. manufacturing capacity. In total, dozens of large companies announced more than $1.2T in potential new investment from late January through August 2025.⁴

The consumer electronics industry leads the U.S. manufacturing efforts, although investments in the segment are highly concentrated with most coming from Apple and IBM. In February 2025, Apple announced plans to invest $500B over the next four years into new production capacity and supporting its suppliers throughout the country.⁵ In August, the company announced an additional $100B towards U.S. manufacturing, with plans to further expand operations across several states with partners such as TSMC, Global Wafers Co., Corning, and Texas Instruments.⁶ In April, IBM announced $150B towards its U.S. operations, including $120B for expanding its manufacturing capacity.⁷

The pharmaceuticals industry accounts for nearly a quarter of all announced investments into U.S. manufacturing in 2025. In total, drugmakers announced plans to invest nearly $280B towards building out new production capacity. The largest investments within the industry include Johnson & Johnson, Roche, Eli Lilly, and Novartis. Johnson & Johnson plans to invest $55 billion into the United States over the next four years, including the construction of four new manufacturing facilities.⁸

Semiconductor producers account for the third-largest share of announced investments in 2025, with nearly $135B in planned spending. This adds onto the more than $300 billion of private investments towards U.S. chip manufacturing that were announced following the passage of the CHIPS Act.⁹ Taiwan Semiconductor Manufacturing Company (TSMC) has the largest planned investment, including six semiconductor fabrication plants (fabs), as well as packaging and research and development centers.¹⁰ In March 2025, the company announced an additional $100B towards expanding U.S. operations, bringing its total up to $165B.¹¹

U.S. Manufacturing Construction Set to Accelerate with New Investment

Manufacturing construction surged across the United States over the past four years due to new or expanded production facilities. Total private construction spending on manufacturing in the United States increased 3x from $76.2B in January 2021 to nearly $230B in January 2025.¹² As of July 2025, construction spending on manufacturing accounted for nearly 14% of all private construction spending in the country, up from 6% in January 2021.^13,14 The enactment of the CHIPS Act and Inflation Reduction Act in August 2022 were key catalysts for new manufacturing construction prior to the recent implementation of tariffs. However, many reshoring efforts across all industries began even earlier in the decade as a response to rising trade tensions and significant supply chain disruptions due to the COVID-19 pandemic.

Looking forward, we believe that the flurry of announcements in 2025 could generate another period of growth for manufacturing construction spending in the coming years. Even if some of the planned investments do not move forward, the breadth of investment across industries and rising geopolitical risk give us confidence that the reshoring of strategic sectors such as semiconductors or electronics is a structural trend. For example, majority of the world’s AI chips today are made in Taiwan, a key geopolitical chokepoint.¹⁵ By 2030, the U.S. could produce up to 20% of these advanced AI chips.¹⁶ Similar vulnerabilities exist across smartphones, critical drugs, medical devices, battery systems, defense components, and more. Rising labor costs in emerging markets such as China further erode the economic advantage of offshoring, reinforcing the shift towards domestic manufacturing.¹⁷

America’s Manufacturing Growth Requires Substantial Infrastructure Development 

Building out manufacturing facilities often requires sizeable resources, including construction materials, engineering, procurement, construction services, and construction labor. For example, Intel, which is building three new semiconductor fabs in the United States, estimates that building a single facility requires 600,000 cubic meters of concrete, 75,000 tons of steel reinforcement, 35,000 tons of structural steel, and 9 million meters of cable. Each factory also requires the removal of more than 1 million cubic meters of soil and rock, with each project requiring an estimated 6,000 construction workers.¹⁸ Many of the planned facilities are in remote locations, which can require the buildout of roads and power infrastructure, as well. 

In our view, the growth of U.S. manufacturing will also be contingent upon the expansion and modernization of power generation and transmission and distribution infrastructure assets. Production facilities can consume high amounts of power. For example, TSMC’s first fab in Arizona is expected to require 2.85GWh of electricity per day, equivalent to the needs of about 100,000 homes.¹⁹ In total, electricity consumption from the industrial sector is forecast to increase 2.3% in 2025 and 3.8% in 2026, compared to 1% growth in 2024 and a 1% decline in 2023.²⁰ Over the long term, U.S. power demand could grow by as much as 50% between year-end 2024 and 2040 due to the increase in manufacturing facilities, as well as the growth in AI data centers and the uptake of electric vehicles.²¹ Similarly, roads and transportation, ports, distribution centers, water infrastructure and other enabling infrastructure will likely need to advance in lockstep to enable broad re-industrialization.

Conclusion: Growth of U.S. Manufacturing Likely Creating Long-Term Opportunities 

A confluence of long-term structural drivers, from trade policy and geopolitical tensions to supply-chain resilience and government incentives, is expected to drive reshoring and potentially record amounts of infrastructure investment. The resulting expansion of the United States’ manufacturing footprint will likely create significant potential opportunities for companies across the entire infrastructure development value chain. 

Related ETFs 

PAVE – Global X U.S. Infrastructure Development ETF

Click the fund name above to view current performance and holdings. Holdings are subject to change. Current and future holdings are subject to risk. 

1. Global X ETFs analysis as of September 19, 2025 from a variety of sources. See ‘U.S. Manufacturing Investment Analysis Derived from the Following Sources’ below for the full list.

2. The White House. (2024, November 26). The Biden-Harris Administration Has Catalyzed $1 Trillion in New U.S Private Sector Clean Energy, Semiconductor, and Other Advanced Manufacturing Investment.

3. Global X ETFs analysis as of September 19, 2025 from a variety of sources. See ‘U.S. Manufacturing Investment Analysis Derived from the Following Sources’ below for the full list.

4. Ibid.

5. Apple. (2025, February 24). Apple will spend more than $500 billion in the U.S. over the next four years.

6. Apple. (2025, August 6). Apple increases U.S. commitment to $600 billion, announces American Manufacturing Program.

7. IBM. (2025, April 28). IBM Unveils $150 Billion Investment in America to Accelerate Technology Opportunity.

8. Johnson & Johnson. (2025, March 21). Johnson & Johnson Increases U.S. Investment to More than $55 Billion Over the Next Four Years.

9. Rao, R. (2024, May 14). U.S. Fab Capacity Could Triple in a Decade. IEEE Spectrum.

10. Taiwan Semiconductor Manufacturing Company (TSMC). (n.d.). TSMC Arizona: Unleashing Global Innovation. Accessed October 4, 2025.

11. Taiwan Semiconductor Manufacturing Company (TSMC). (2025, March 5). TSMC Intends to Expand Its Investment in the United States to US$165 Billion to Power the Future of AI.

12. U.S. Bureau of Economic Analysis. (2025, September 2). Total Private Construction Spending: Manufacturing in the United States (PRMFGCONS). Federal Reserve Economic Data (FRED).

13. Ibid.

14. U.S. Bureau of Economic Analysis. (2025, September 2). Total Private Construction Spending: Total Construction in the United States (TLPRVCONS). Federal Reserve Economic Data (FRED).

15. Wafer Process Systems. (2025, July 17). Who Makes the World’s Chips? Top 5 Semiconductor Producing Countries Ranked.

16. Singer, P. (2025, March 5). U.S. Aims for 20% of World’s Leading Edge Semiconductor Production by 2030.

17. Trading Economics. (n.d.). China Average Yearly Wages in Manufacturing. Accessed on October 7, 2025.

18. Intel. (2023, June 9). How a Semiconductor Factory Works.

19. Tarasov, K. (2024, December 13). TSMC says first advanced U.S. chip plant ‘dang near back’ on schedule. Here’s an inside look at the Arizona fab. CNBC.

20. U.S. Energy Information Administration. (2025, October 7). Short-Term Energy Outlook.

21. American Clean Power (ACP). (2025, March). U.S. National Power Demand Study.

U.S. Manufacturing Investment Analysis Derived from the Following Sources

1. American Machinist. (2025, August 19). Deere Pledges $20B for U.S. Investments.

2. Amgen. (2025, April 25). AMGEN ANNOUNCES $900 MILLION MANUFACTURING EXPANSION, CREATION OF 350 NEW JOBS IN OHIO.

3. Apple. (2025, August 6). Apple increases U.S. commitment to $600 billion, announces American Manufacturing Program.

4. AstraZeneca. (2025, July 21). AstraZeneca plans to invest $50 billion in America for medicines manufacturing and R&D.

5. ATP Adhesives. (2025, September 16). ATP Launches North America Business With $70 Million Manufacturing Facility in Columbia, South Carolina.

6. Barret, R. (2025, August 7). Milwaukee-based Rockwell says it's spending $2 billion nationwide to boost manufacturing. Milwaukee Journal Sentinal.

7. Bel. (2025, May 2). BEL STRENGTHENS ITS INDUSTRIAL FOOTPRINT WITH MORE THAN $350 MILLION INVESTMENT IN THE U.S.

8. Biogen. (2025, July 21). Biogen Announces $2 Billion Manufacturing Investment in North Carolina’s Research Triangle Park in Conjunction with its 30th Anniversary.

9. BioSpace. (2025, April 22). Regeneron Announces New Investment in Manufacturing of its Industry-Leading Biologic Medicines.

10. Campbell, J. (2025, June 10). Stellantis confirms 2027 reopening of Belvidere plant, scraps battery facility plans. CBT News.

11. Carrier. (2025, May 13). Carrier Announces Additional $1 Billion Investment in U.S. Manufacturing Footprint, Advanced Cutting-Edge R&D and Workforce Expansion.

12. Casey, C. (2025, May 14). Anheuser-Busch invests $300M in US manufacturing amid beer optimism. ManufacturingDive.

13. Century Aluminum Company. (2025, August 7). Citing Benefits of 232 Tariffs, Century Aluminum Announces Restart to Bring Mt. Holly SC Plant to Full Production, Increasing U.S. Aluminum Production by 10%.

14. Cerullo, M. (2025, April 28). IBM announces $150 billion investment in U.S. manufacturing, research. CBS News.

15. Clarios. (2025, March 3). Clarios Announces $6 Billion American Energy Manufacturing Strategy.

16. Corning. (2025, April 29). Corning Expands Advanced Manufacturing Capacity To Meet Increased Demand for U.S.-Made Solar Products.

17. Diageo. (2025, January 30). Diageo North America Announces New Manufacturing and Warehousing Facility in Alabama.

18. Eaton. (2025, February 12). Eaton invests in new South Carolina transformer manufacturing site to power data centers, grid modernization, electrification and industrialization.

19. Economic Development Partnership of North Carolina. (2025, July 22). Kingsun to Invest Over $80 Million in North Carolina for First US Manufacturing Facility; Will Create Up to 515 Jobs.

20. Eli Lilly and Company. (2025, February 26). Lilly plans to more than double U.S. manufacturing investment since 2020 exceeding $50 billion.

21. Fick, M. (2025, September 17). GSK commits 30 billion to US research and development, factory expansion, as Trump visits UK.

22. Ford Motor Company. (2025, August 11). Ford’s $5B Bet on America: Innovation Meets Efficiency in New EV Platform, Assembly Process and Midsize Truck.

23. Gajewski, A. (2025, March 25). Saint-Gobain invests $40M to build catalyst carrier manufacturing facility in New York. Plant Services.

24. Gajewski, A. (2025, April 14). JCB invests $500M to expand construction equipment manufacturing facility in Texas. Plant Services.

25. Gajewski, A. (2025, May 9). Solx invests $64M to open solar panel manufacturing facility in Puerto Rico. Plant Services.

26. Gardner, J. (2025, April 10). Amid tariff turmoil, Novartis commits to spending $23B on US manufacturing. BiopharmaDive.

27. GE Vernova. (2025, January 29). GE Vernova to invest almost $600 million in U.S. factories and facilities over next two years.

28. General Motors. (2025, June 10). GM to invest $4 billion in its U.S. manufacturing plants.

29. Governor Glenn Youngkin. (2025, February 28). Clasen Quality Chocolate to Open New Manufacturing Facility in Virginia. Commonwealth of Virginia.

30. Governor Kathy Hochul's Press Office. (2025, April 22). Governor Hochul Announces Chobani to Make the Nation’s Largest Investment Ever in a Natural Food Production Facility in the Mohawk Valley. New York State.

31. Hikma Pharmaceuticals USA. (2025, June 28). Hikma Pharmaceuticals USA announces $1 Billion of new US investment to further expand its domestic manufacturing and development of essential generic medicines.

32. Hitachi Energy. (2025, April 9). Hitachi announces historic $1 billion USD manufacturing investment to power America’s energy future through production of critical grid infrastructure.

33. Hollon, A. (2025, July 29). Silver Hills’ $48.5 million investment strengthens growth trajectory. Commercial Baking.

34. Hotpack. (2025, May 5). Hotpack to invest $100m in ints first US manufacturing facility in New Jersey.

35. Hyundai Motor Group. (2025, March 24). Hyundai Motor Group Commits to U.S. Growth with USD 21 Billion Investment.

36. Investing.com. (2025, May 14). Kraft Heinz invests $3 billion in U.S. factories amid tariff challenges – Reuters.

37. Isuzu Motors Limited. (2025, February 12). Isuzu to establish new production facility in South Carolina, strengthening North American business - State-of-the-art facility to drive commercial vehicle electrification -.

38. Jackson, A. (2025, June 19). Jabil’s US$500m Manufacturing Expansion for AI Data Centres. DataCentre.

39. Jensen, K. (2025, May 9). Gilead plans $11B in US drug production. ManufacturingDive.

40. Jensen, K. (2025, August 18). AbbVie to build API plant in Illinois as it steps up US production. ManufacturingDive.

41. Johnson & Johnson. (2025, March 21). Johnson & Johnson Increases U.S. Investment to More than $55 Billion Over the Next Four Years.

42. Kimberly-Clark. (2025, May 1). Kimberly-Clark announces plans to invest over $2 Billion to Expand US Manufacturing, Accelerate Innovation and Fuel Growth.

43. Mars, Incorporated. (2025, July 29). Mars To Invest $2 Billion Into U.S. Manufacturing Through 2026.

44. Merck. (2025, March 11). Merck Unveils New Facility to Increase Vaccine Production Capacity.

45. Micron. (2025, June 12). Micron and Trump Administration Announce Expanded U.S. Investments in Leading-Edge DRAM.

46. Mission Solar Energy. (2025, March 20). Mission Solar Energy Expands Operations with Solar Cell Manufacturing.

47. Muller, M. (2025, April 16). Abbott to Expand US Manufacturing as Tariffs Loom. Bloomberg.

48. Murdaugh, S. (2025, March 14). Manufacturer bringing 462 jobs to Jasper County with $134 million investment. Bluffton Today.

49. Narioka, K. (2025, March 12). Japan Beer Maker Asahi Looks to Invest More in the U.S. as President Trump Wields Tariffs. Wall Street Journal.

50. O’Brien, C. (2025, February 12). Governor Lee, Commissioner McWhorter Announce Charms LLC to Expand in Tipton County. Tennessee Department of Economic & Community Development.

51. Owens, N. (2025, March 10). ABB to invest $120M in US manufacturing. ManufacturingDive.

52. Paris Baguette North America. (2025, February 12). Paris Baguette North America Announces Expansion With First North American Manufacturing Plant in Texas.

53. Pennsylvania Department of Community & Economic Development. (2025, September 18). Governor Shapiro Announces $20 Million Investment from B. Braun to Expand Medical Device Manufacturing in the Lehigh Valley, Creating 200 New Jobs.

54. Pharmaceutical Technology. (2025, May 6). Bristol Myers Squibb announces $40bn US investment plan over five years.

55. PPG. (2025, May 8). PPG to invest $380 million to build new U.S. manufacturing facility in Shelby, N.C. for aerospace coatings and sealants.

56. Pratt Industries. (2025, April 30). Anthony Pratt announces $5 billion investment.

57. Reuters. (2025, May 6). Wistron Corp to invest additional $455 million in new U.S. unit.

58. Reuters. (2025, August 13). GE Appliances to invest over $3 billion in US manufacturing push.

59. Rivian. (2025, May 5). Rivian to Bring More Jobs to Central Illinois with Supplier Park.

60. Roche. (2025, April 21). Roche to invest USD 50 billion in pharmaceuticals and diagnostics in the United States over the next five years.

America is in the middle of a construction boom that could create significant opportunities for companies throughout the infrastructure development value chain.

America is in the middle of a construction boom that could create significant opportunities for companies throughout the infrastructure development value chain.

U.S. Infrastructure increased to a C overall grade in the latest report card, but more investments are likely needed to see further improvements.

U.S. Infrastructure increased to a C overall grade in the latest report card, but more investments are likely needed to see further improvements.

Rolls-Royce. (2025, July 15). Rolls-Royce increases U.S. manufacturing capabilities in South Carolina.

Saica Group. (2025, March 11). Saica Group announces a second investment in USA with more than $110 Million.

Samora, S. (2025, March 13). GE Aerospace to spend nearly $1B on US manufacturing. ManufacturingDive.

Samora, S. (2025, May 16). GlobalWafers to spend additional $4B on US manufacturing. ManufacturingDive.

Sanofi. (2025, May 14). Sanofi to invest at least $20 billion in the US through 2030, growing investments in science and expanding domestic manufacturing.

Schneider Electric. (2025, March 25). Schneider Electric Plans to Invest Over $700 million in the U.S., Supporting Energy & AI Sectors and Job Growth.

Shepardson, D. (2025, January 29). Honda boosting investment in three Ohio auto plants by $300 million. Reuters.

Siemens. (2025, March 6). Siemens boosting U.S. investments by more than $10 billion for American manufacturing jobs, software and AI infrastructure.

Sikes, A. (2025, March 17). Nortian Foodtech to establish manufacturing facility in St. Joseph. KBIA.

Stempniak, M. (2025, May 15). Siemens Healthineers invests $150M, with eye on ‘bringing manufacturing back to the US’. Radiology Business.

Taiwan Semiconductor Manufacturing Company (TSMC). (2025, March 4). TSMC Intends to Expand Its Investment in the United States to US$165 Billion to Power the Future of AI.

The EV Report. (2025, September 19). Scout Motors Boosts SC with $300M Park.

The Healthcare Technology Report. (2025, September 8). Philips Announces $150M U.S. Manufacturing and R&D Investment to Expand AI Health Technology.

Thermo Fisher Scientific Inc. (2025, April 24). Thermo Fisher Scientific Invests to Enhance U.S. Innovation and Support Customers’ Manufacturing.

Transformer Magazine. (2025, April 22). Delta Star’s $35 M investment to bring 300 jobs.

UCB. (2025, June 12). UCB Announces Major U.S. Investment to Expand Biologics Manufacturing Capacity.

Underwood, J. (2025, July 9). Germany’s Butting selects Alabama for HQ and its first U.S. production facility. Made in Alabama.

Wilk, T. (2025, August 20). Hadrian invests $200M to build advanced manufacturing facility in Arizona. Plant Services.