WASHINGTON — The Biden administration's Investing in America agenda has propelled private companies to invest $1 trillion in clean energy and manufacturing, the White House announced Monday. 

What You Need To Know

  • The Biden administration's Investing in America agenda has propelled private companies to invest $1 trillion in clean energy and manufacturing, the White House announced Monday

  • More than 1.6 million construction and manufacturing jobs have been created over the past four years, spurred by federal investments from the $1.2 trillion Bipartisan Infrastructure Law, the $500 billion Inflation Reduction Act and $53 billion CHIPS and Science Act

  • Private investors have announced more than $119 billion for electric vehicles and batteries, $122 billion for clean power and $400 billion for semiconductor manufacturing

  • The Biden administration said 74,000 infrastructure and clean energy projects are already underway, including 11,400 bridge projects, 196,000 miles of road repair and 376,000 lead pipe replacements

More than 1.6 million construction and manufacturing jobs have been created over the past four years, spurred by federal investments from the $1.2 trillion Bipartisan Infrastructure Law, the $500 billion Inflation Reduction Act and $53 billion CHIPS and Science Act. 

The Biden Administration touted the private investment milestone as it seeks to burnish its Investing in America agenda two months before President-elect Donald Trump takes office.

“These investments in industries of the future are ensuring the future is made in America, by American workers,” Biden said in a statement. 

Since taking office when “the pandemic was raging and the economy was reeling,” businesses around the world are now investing in U.S. clean energy and semiconductor technologies, propelling the country’s economy to one of the best in decades, the White House said. 

Private investors have announced more than $119 billion for electric vehicles and batteries, $122 billion for clean power and $400 billion for semiconductor manufacturing in Arizona, Ohio, Texas and New York. Some of the private investment was sparked by federal agencies’ matching grants that require companies to contribute to a project’s cost.

The Biden administration said 74,000 infrastructure and clean energy projects are already underway, including 11,400 bridge projects, 196,000 miles of road repair and 376,000 lead pipe replacements. 

While much of the federal funding has yet to be spent, 98% of Biden’s Investing in America dollars through the end of the 2024 fiscal year have been announced, with most projects likely to come online during the incoming Trump administration through 2034. 

Spurred by investments through the CHIPS and Science Act, TSMC’s first semiconductor factory in Arizona will open in early 2025. Partially funded by the Bipartisan Infrastructure Law, the Brightline West High Speed Rail System connecting Las Vegas and Southern California is scheduled to begin operations in 2028.