President Biden has been relentlessly focused on an industrial strategy to revitalize our manufacturing base, strengthen critical supply chains, and position American workers and businesses to compete and lead globally in the twenty-first century since his first day in office. This cross-government effort is resulting in a historic recovery in domestic manufacturing: the economy has added 375,000 manufacturing jobs since President Biden took office, the most in nearly 30 years. In 2021, the US economy grew at its fastest rate in nearly 40 years, and manufacturing's share of US GDP has returned to pre-pandemic levels.
The Biden-Harris 21st Century Industrial Strategy, Made in America policies, and transformational investments such as the Bipartisan Infrastructure Law have catalyzed historic private-sector domestic investments to bring good-paying manufacturing jobs back home. This includes nearly $80 billion in planned semiconductor manufacturing investments and more than $100 billion in announced investments in electric vehicles, batteries, and critical minerals since 2021.
As President Biden stated in his State of the Union address this week, Congress must build on this historic progress by passing the Bipartisan Innovation Act. This legislation will make unprecedented investments in emerging technologies, critical supply chains, and American manufacturing to level the playing field for American workers and businesses in the twenty-first century and outcompete China and the rest of the world.
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