US Manufacturing Boom Is About More Than EVs, Chips

ome four years after the pandemic supply-chain disruptions sparked calls for a US reshoring boom, there’s still little consensus about what a reshoring boom actually looks like. US manufacturing construction spending has surged to a record annualized pace of more than $200 billion, but few companies are shuttering factories elsewhere in the world in order to build in America. Analysts and companies alike have instead taken to tracking megaprojects — defined as construction blueprints valued at more than $1 billion — as a way to measure the manufacturing renaissance. By Melius Research’s count, about $700 billion worth of megaprojects have been announced in North America since the start of 2021; electric-equipment company Eaton Corp., which also tracks the data, pegs the total at $933 billion.