US Factory Building at Record High Delivers Big Boost to Growth
- Investment in manufacturing facilities at highest since 1950s
- Factory-construction spend has almost doubled in the past year
Machinery at a Tesla factory under construction in Austin, Texas.
Photographer: Bronte Wittpenn/BloombergThis article is for subscribers only.
The factory-building boom under way across the US played a key part in driving an unexpected acceleration of the economy in the second quarter.
Business investment in manufacturing facilities surged to the highest level in records that go back to the late 1950s, according to data published Thursday by the Bureau of Economic Analysis.