One Year After the CHIPS Act and the Inflation Reduction Act, American Factories Are Making a Comeback

Tags Manufacturing

Washington, D.C. – President Biden is expected to discuss how his economic agenda is galvanizing a clean energy and manufacturing boom in a speech scheduled for 3 p.m. Eastern Wednesday at Arcosa Wind Towers, Inc. in Belen, N.M. His speech marks the one-year anniversary of his signing the Inflation Reduction Act and CHIPS and Science Act into law. 

Alliance for American Manufacturing President Scott Paul said:

“The manufacturing boom is real. While few thought the American factory could make a comeback after decades of offshoring, we’re in a new era. Thanks to public investments and some corporate rethinking in the wake of pandemic-induced shortages and disruptions, as well as missteps by the Chinese Communist Party, American manufacturing is well situated for sustainable growth.

“Threats to factory jobs remain, however. China’s subsidies and unfair trade practices haven’t abated, the Fed’s interest rate hikes have brought a temporary halt to new manufacturing jobs, and some in Congress want to roll back the public investments.

“As we move ahead with CHIPS Act and clean energy manufacturing implementation, Congress and the administration must commit to ensuring that ‘Made in America’ at every level of the supply chain is the overarching goal. The CHIPS Act and Inflation Reduction Act must be the first step, not the last word.”

Since President Biden signed the CHIPS Act into law, companies have announced more than $166 billion in semiconductor and electronics manufacturing. America has seen $103 billion invested in clean energy manufacturing since President Biden took office. 

Nonetheless, an overwhelming majority of American voters (70%) want the federal government to do even more to bring manufacturing back to the United States, according to polling conducted by Morning Consult for the Alliance for American Manufacturing in June. And 64% of respondents said they have not seen, heard or read about new factories coming to their communities. The polling showed that voters across the political spectrum overwhelmingly support a wide range of trade, procurement and industrial policies to boost factory jobs. Read more about the poll results here.