The push to expand U.S. manufacturing capacity appears to be yielding results, with an increasing number of industrial companies breaking ground on a variety of projects across the country. 

According to a report by Avison Young, U.S. manufacturing investment pledges have reached $3.5 trillion since January 2025. That growth is thanks, in part, to tax breaks offered through the One Big Beautiful Bill Act passed by the Trump administration in July 2025, in addition to the tech-focused CHIPS Act passed during the Biden administration.

A massive infusion of capital is now increasing the number of industrial projects under construction while greatly expanding the pipeline of future projects.

The sheer size of some commitments make them hard to comprehend.

Chipmaker Nvidia, for example, says it will spend an estimated $500 billion over the next four years to build a semiconductor facility and related artificial intelligence (AI) infrastructure, including super computers. Softbank, Oracle and OpenAI have collectively offered another $500 billion pledge for AI infrastructure.

Investment pledges face uncertain execution

Whether every pledge will translate into a completed project is impossible to say, however.

Building manufacturing facilities is an expensive proposition and takes years to complete. Future projects are almost always contingent on whether the need for the facility materializes.

Shifting political trade winds may also play a factor in determining which projects eventually break ground. Other pledges reflect lengthy investment timelines, underscoring the uncertainty in shifting political priorities and economic imperatives.

Reuters, for example, has reported that several analysts view massive spending commitments as “overtures to U.S. President Donald Trump, whose tariffs threaten to roil supply chains and raise costs for the technology industry.” Apple has pledged an investment of about $600 billion in the U.S. over an estimated two decades.

Nevertheless, the pledges are bearing fruit. Avison Young estimates that the range of facilities currently under construction have a combined capital commitment of about $500 billion.

Technology drives manufacturing surge

Some of the largest projects under construction are chip facilities.

Micron Technology broke ground on a $100 billion chip plant in New York earlier this year that not will only be the largest chip manufacturing site in U.S. history but the single-largest private investment ever made in the state. Micron has expanded its U.S. investment pledge to exceed $250 billion through 2035, with projects planned across Idaho, New York and Virginia.

Taiwan Semiconductor (TSMC) said last July that it was expanding its investment commitment in the U.S. to $265 billion from a previously announced $100 billion, which could result in four advanced semiconductor manufacturing plants being built. That would bring the company’s total U.S. holdings to 12 semiconductor and packaging facilities.

IBM is promising to spend $150 billion in the U.S. by 2030 as the longtime technology firm expands its quantum computer production among other technology investments. Some analysts question whether IBM will reach that level of investment, however.

Elon Musk, meanwhile, has promised to invest $16.8 billion in a Texas chip plant that would break global real estate records if completed. The project, known as Terafab, is located near College Station and would include the construction of what could become the world’s largest building.

The 100 million square-foot chip manufacturing facility will supply semiconductors to the Musk-led firms Tesla and SpaceX for self-driving cabs, humanoid robots and eventually, possibly, space-based data centers.

Manufacturing growth extends beyond AI

The projects, however, are not all driven by the push for more computing power.

At the end of September, the Trump administration announced that Minnesota-based Mesabi Metallics — which manufactures iron ore and coated flat steel products — agreed to build a $15 billion steel complex in Iowa.

With expected completion by 2030, Mesabi may within just a few years be operating the largest steel plant ever built in the country. The project is expected to create 6,000 construction jobs and 1,750 permanent jobs.

Hyundai has also announced plans to construct a $5.8 billion Electric Arc Furnace-based integrated steel mill in Ascension Parish, La. The move is part of Hyundai’s broader strategy of investing more than $26 billion in the U.S. through 2028 to establish an integrated supply chain for its subsidiaries in the country.

Other manufacturing projects that have received major pledges since early 2025 include pharmaceutical manufacturer Eli Lilly, which will be investing about $18 billion to construct three plants in Alabama, Texas and Virginia. Johnson & Johnson is planning to spend $55 billion on manufacturing, research and technology facilities.

Roche, a Swiss multinational healthcare-focused holdings firm, has pledged $50 billion over the next five years to expand its research and development sites stateside and construct new facilities in various states.