Rapid growth in U.S. manufacturing construction reflecting new investments and federal incentives.
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Sponsor Our ArticlesU.S. manufacturing construction spending has surged to unprecedented levels, tripling since 2021. Driven by federal incentives and shifts in global markets, over 100 million square feet of industrial space have been completed, with mega projects in EVs and semiconductors leading the charge. Key regions like Dallas-Fort Worth and southeastern states are seeing significant growth in construction activity, bolstered by substantial investments from companies like Hyundai. High demand continues to push rents up, reflecting the booming landscape of U.S. manufacturing.
The landscape of U.S. manufacturing is undergoing a remarkable transformation, with construction spending in the sector tripling since 2021. This surge has been largely propelled by a combination of federal incentives, shifts in global markets, and a concerted effort to reshore supply chains. According to the latest data from CommercialEdge’s industrial report, the manufacturing sector is brimming with activity and potential.
Since 2022, over 100 million square feet of industrial space has been completed as another 100 million square feet remain under development. A slew of mega projects, particularly in the spheres of semiconductors, electric vehicles (EVs), and battery manufacturing, are leading this construction wave. Notably, regions in the Southeastern U.S. and Sunbelt states are emerging as epicenters for supplier and logistics hubs.
Hyundai’s ambitious $5.9 billion EV plant near Savannah, GA, which spans an impressive 17 million square feet and has been partially operational since October 2024, is a pivotal influencer in this surge. This project has catalyzed further investments from suppliers like Daechang Seat Company and Ecoplastic Corporation, marking a substantial shift in regional manufacturing capabilities.
Additionally, Charlotte, NC has emerged as a significant hub for manufacturing, with nearly one-third of its 5.95 million square feet currently under construction dedicated to this sector. Another standout is a repurposed Philip Morris site in Cabarrus County, NC, which has attracted over $1 billion in planned investments from major players including Eli Lilly and Red Bull.
Leading the nation in industrial development, Dallas-Fort Worth boasts 22.56 million square feet in the construction pipeline, followed closely by Phoenix at 17.67 million square feet. Southern cities maintain a competitive edge in this growth, with Houston and Memphis showcasing 13.17 million and 11.72 million square feet under construction, respectively. Interestingly, despite an 8 million square foot decline year-over-year in construction activities within the Dallas area, recent months have seen a rebound, highlighting the dynamic nature of the industrial sector.
In Baltimore, construction activity witnessed a remarkable doubling in just one year, jumping from 920,000 square feet in January 2024 to an impressive 2.5 million square feet in January 2025. As of the beginning of 2025, about 346.2 million square feet of industrial space is currently under construction across the U.S., amounting to roughly 1.7% of the total national inventory.
On the flip side, national industrial rents have soared to an average of $8.35 per square foot as of January 2025, reflecting a 6.8% increase from the previous year. Markets adjacent to ports, as well as those in the Southeastern U.S., show some of the highest rent growth percentages. In New Jersey, rents surged by 10.9%, while areas like Inland Empire, CA, and Miami recorded increases of 9.2% and 9.0% respectively.
Even though the national vacancy rate for industrial space stands at 8.0%, persistent demand for high-quality spaces continues to push up rent prices. New leases command a premium of approximately $2.22 per square foot over existing rates, with Bridgeport, CT, and Miami leading the market with premiums of $5.22 and $4.96 respectively.
In 2024, industrial property sales reached an astounding $69.2 billion, with the national average cost per square foot hitting $129. The Dallas-Fort Worth area led the way in industrial transactions, tallying nearly $6 billion in sales, followed by substantial figures from Houston and Phoenix.
Despite fluctuations in sales trends—most notably a 45% drop in the Inland Empire—investment momentum continues, particularly as federal incentives from the CHIPS Act, which allocates $52.7 billion towards semiconductor R&D, bolster the manufacturing sector. Major recent investments, including a $700 million Canadian Solar battery facility in Kentucky and a $1.3 billion Microporous project in Virginia, signify a return to domestic production.
With manufacturing construction spending reaching a record 20.5% increase year-over-year, totaling approximately $235.35 billion in September 2024, it is clear that the U.S. is firmly on a path to reduce its reliance on international supply chains. Following these trends, it is no wonder the manufacturing landscape is thriving with potential and redefined opportunities.
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