A year ago, President Joe Biden launched a new era of US industrial policy, signing into law the Inflation Reduction Act and the Chips and Science Act. Passed within days of each other last August, the two laws offered more than $400bn in tax credits, loans and subsidies, all designed to spark development of a domestic cleantech and semiconductor supply chain.
Over the past year, the Financial Times has identified more than 110 large-scale manufacturing announcements — including in semiconductors, electric vehicles, batteries and solar and wind parts — spurred by the landmark legislation. We have examined them and spoken to experts, and here is what we have learned.
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