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, the boom has been driven mainly by construction for computer, electronic, and electrical manufacturing, spending on which nearly quadrupled since early 2022. This component now accounts for over half of total construction spending on manufacturing, whereas in September 2021, it made up just about an eighth of the total.
Even though factory construction has been ramping up, manufacturing hiring hasn't kept pace. US manufacturing employment hit its highest level since 2008, though growth has slowed this year, lagging behind much of the labor market. Since President Joe Biden took office, around 800,000 manufacturing jobs were added, or a 6.5% growth rate. This comes in lower than the 9.3% overall employment increase since January 2021.
By 2030, the manufacturing skills gap — caused by the labor market's struggle to find workers with highly technical and manual expertise — could lead to 2.1 million unfilled jobs, according to the . This could potentially cost a total of over $1 trillion in 2030 alone. Manufacturers surveyed noted that finding the right talent was harder in 2021 than in 2018, with 77% saying they will have ongoing difficulties in bringing on and retaining workers.
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