From Heather Cox Richardson:
Steven Ratner, economic analyst for MSNBC's Morning Joe, today noted that new manufacturing construction is growing fast and is on pace to be close to $190 billion this year. In the entire decade of the 2010s, it was less than $100 billion. This growth comes from the Inflation Reduction Act, the Infrastructure and Jobs Act (also known as the Bipartisan Infrastructure Law), and the CHIPS and Science Act.
Today, the government announced a $9.2 billion loan to Ford Motor Company to support the construction of three battery factories in Kentucky and Tennessee. The factories are already under construction through a collaboration between Ford and a leading South Korean battery company.
More than 100 battery and electric-vehicle plants, representing about $200 billion in investments, are planned or already under construction thanks to the Inflation Reduction Act that funds such projects in order to attract private investment. That government investment and growth in manufacturing are strongest in Republican-dominated states, notwithstanding that not a single Republican voted for the Inflation Reduction Act that funds such investment, and that Republicans continue to try to gut that law. Republican-dominated states stand to get about $337 billion in investment, while Democratic-dominated states look to get about $183 billion.
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