President Joe Biden has proudly claimed a resurgence in US manufacturing, but despite billions of dollars in investments, the industry is far from thriving. After a brief recovery post-pandemic, the manufacturing sector is now stagnating, presenting challenges for whoever wins the 2024 presidential election—whether it’s Vice President Kamala Harris or former President Donald Trump.
Under the Biden administration, programs like the $53 billion CHIPS and Science Act and the $1.2 trillion bipartisan infrastructure bill were designed to stimulate manufacturing, particularly in semiconductors and critical industries. Private sector investments also surged, fueling an uptick in construction spending by manufacturers. However, while these measures provided short-term boosts, the overall momentum has faded.
According to Labor Department data, US manufacturing jobs have yet to fully recover from the COVID-19 pandemic and the Great Recession. Although manufacturing employment in August 2023 was 1.2% higher than in February 2020, job losses have occurred in four of the past eight months. Surveys suggest the outlook remains bleak, despite the administration’s attempts to spark renewed growth.
As the 2024 election looms, both Kamala Harris and Donald Trump will face the tough task of addressing these persistent manufacturing challenges. Grand campaign promises may not be enough to reverse the tide, as deeper systemic issues continue to plague this once-thriving sector.
