The read
Analysis of Oct 28, 2026, on data through Oct 28, 2026. Charts under each judgment are its evidence; sources are linked in the text.
- The factory-building wave of 2022 to 2024 is ending. Construction spending on manufacturing facilities has fallen to $171 billion, down 19% from a year earlier, from $250 billion in September 2024. Plants started under the CHIPS Act and clean-energy subsidies are being finished, and fewer new ones are starting.
Construction spending on manufacturing facilities
Billions of dollars, seasonally adjusted annual rate, monthly. Includes chip fabs and battery plants.
Source: US Census Bureau.
Readings in this chart