Accessible version of figures

Figure 1: Indicators of the Declining U.S. Share of Global Chip Manufacturing
(a) U.S. Share of Global Chip Manufacturing Capacity
(b) Import Share of U.S. Chip Sales

(a) U.S. Share of Global Chip Manufacturing Capacity


Date	Share
1996Q1	0.248
1996Q2	0.247
1996Q3	0.244
1996Q4	0.242
1997Q1	0.241
1997Q2	0.24
1997Q3	0.241
1997Q4	0.248
1998Q1	0.238
1998Q2	0.237
1998Q3	0.232
1998Q4	0.229
1999Q1	0.257
1999Q2	0.26
1999Q3	0.26
1999Q4	0.262
2000Q1	0.241
2000Q2	0.241
2000Q3	0.242
2000Q4	0.239
2001Q1	0.231
2001Q2	0.227
2001Q3	0.225
2001Q4	0.226
2002Q1	0.229
2002Q2	0.23
2002Q3	0.23
2002Q4	0.228
2003Q1	0.231
2003Q2	0.231
2003Q3	0.218
2003Q4	0.214
2004Q1	0.199
2004Q2	0.203
2004Q3	0.203
2004Q4	0.2
2005Q1	0.192
2005Q2	0.193
2005Q3	0.194
2005Q4	0.192
2006Q1	0.188
2006Q2	0.186
2006Q3	0.186
2006Q4	0.187
2007Q1	0.18
2007Q2	0.176
2007Q3	0.172
2007Q4	0.17
2008Q1	0.168
2008Q2	0.168
2008Q3	0.167
2008Q4	0.166
2009Q1	0.167
2009Q2	0.161
2009Q3	0.158
2009Q4	0.147
2010Q1	0.146
2010Q2	0.144
2010Q3	0.141
2010Q4	0.141
2011Q1	0.142
2011Q2	0.143
2011Q3	0.141
2011Q4	0.14
2012Q1	0.14
2012Q2	0.142
2012Q3	0.139
2012Q4	0.134
2013Q1	0.135
2013Q2	0.135
2013Q3	0.133
2013Q4	0.132
2014Q1	0.132
2014Q2	0.132
2014Q3	0.133
2014Q4	0.133
2015Q1	0.135
2015Q2	0.135
2015Q3	0.134
2015Q4	0.133
2016Q1	0.131
2016Q2	0.129
2016Q3	0.129
2016Q4	0.128
2017Q1	0.127
2017Q2	0.126
2017Q3	0.124
2017Q4	0.123
2018Q1	0.12
2018Q2	0.117
2018Q3	0.116
2018Q4	0.115
2019Q1	0.115
2019Q2	0.115
2019Q3	0.115
2019Q4	0.115
2020Q1	0.113
2020Q2	0.113
2020Q3	0.112
2020Q4	0.111
2021Q1	0.109
2021Q2	0.108
2021Q3	0.1
2021Q4	0.099
2022Q1	0.1
2022Q2	0.099
2022Q3	0.099
2022Q4	0.095
2023Q1	0.094
2023Q2	0.094
2023Q3	0.094
2023Q4	0.094
2024Q1	0.092
2024Q2	0.092
2024Q3	0.091
2024Q4	0.09
2025Q1	0.089
2025Q2	0.088
2025Q3	0.088
2025Q4	0.087

(b) Import Share of U.S. Chip Sales

Year	Share
1979	0.29
1980	0.3
1981	0.34
1982	0.35
1983	0.37
1984	0.4
1985	0.37
1986	0.38
1987	0.39
1988	0.43
1989	0.47
1990	0.5
1991	0.5
1992	0.5
1993	0.55
1994	0.56
1995	0.62
1996	0.58
1997	0.58
1998	0.6
1999	0.62
2000	0.68
2001	0.67
2002	0.7
2003	0.7
2004	0.73
2005	0.7
2006	0.77
2007	0.69
2008	0.71
2009	0.7
2010	0.79
2011	0.76
2012	0.77
2013	0.82
2014	0.83
2015	0.86
2016	0.91
2017	0.9
2018	0.89
2019	0.86
2020	0.93
2021	0.98
2022	0.93
2023	0.88
2024	0.97
2025	0.97

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Figure 2: Fab-Related Investment Estimates from the NIPAs
(a) Manufacturing Construction
(b) Investment in Industrial Equipment
Note: “Construction” is private fixed investment in non-residential structures. Industrial Equipment includes semiconductor manufacturing machinery as well as many other types. Both figures plot quarterly data from 1990:Q1-2026:Q2. See Appendix Table 1 for more detail on these spending catgories.
Source: BEA NIPAs.

(a) Manufacturing Construction

Date	Manufacturing construction
1990Q1	109.912
1990Q2	111.36
1990Q3	110.398
1990Q4	103.514
1991Q1	106.664
1991Q2	102.847
1991Q3	94.293
1991Q4	96.976
1992Q1	96.882
1992Q2	92.117
1992Q3	89.444
1992Q4	89.582
1993Q1	73.422
1993Q2	69.155
1993Q3	73.002
1993Q4	73.439
1994Q1	75.231
1994Q2	85.346
1994Q3	87.824
1994Q4	93.674
1995Q1	95.877
1995Q2	103.721
1995Q3	102.994
1995Q4	100.759
1996Q1	106.153
1996Q2	103.921
1996Q3	101.809
1996Q4	112.214
1997Q1	101.555
1997Q2	97.989
1997Q3	104.453
1997Q4	101.065
1998Q1	106.781
1998Q2	106.052
1998Q3	103.412
1998Q4	102.456
1999Q1	95.512
1999Q2	87.256
1999Q3	85.223
1999Q4	81.25
2000Q1	84.599
2000Q2	92.342
2000Q3	91.137
2000Q4	92.115
2001Q1	98.187
2001Q2	92.606
2001Q3	88.813
2001Q4	70.587
2002Q1	59.172
2002Q2	52.962
2002Q3	46.687
2002Q4	45.642
2003Q1	44.116
2003Q2	48.134
2003Q3	48.466
2003Q4	48.72
2004Q1	47.131
2004Q2	45.487
2004Q3	47.123
2004Q4	55.248
2005Q1	56.32
2005Q2	54.164
2005Q3	55.043
2005Q4	56.024
2006Q1	55.762
2006Q2	59.59
2006Q3	62.401
2006Q4	58.514
2007Q1	60.36
2007Q2	63.732
2007Q3	74.776
2007Q4	80.411
2008Q1	81.149
2008Q2	87.492
2008Q3	89.654
2008Q4	91.643
2009Q1	100.239
2009Q2	98.054
2009Q3	90.096
2009Q4	79.319
2010Q1	75.636
2010Q2	72.369
2010Q3	63.721
2010Q4	55.937
2011Q1	54.335
2011Q2	61.882
2011Q3	69.136
2011Q4	72.218
2012Q1	70.651
2012Q2	73.892
2012Q3	75.21
2012Q4	77.054
2013Q1	76.766
2013Q2	74.062
2013Q3	80.423
2013Q4	80.15
2014Q1	79.062
2014Q2	81.635
2014Q3	87.681
2014Q4	105.67
2015Q1	114.967
2015Q2	123.36
2015Q3	121.709
2015Q4	119.093
2016Q1	113.85
2016Q2	117.35
2016Q3	116.92
2016Q4	111.054
2017Q1	102.606
2017Q2	102.275
2017Q3	97.072
2017Q4	98.047
2018Q1	97.148
2018Q2	97.363
2018Q3	99.732
2018Q4	99.04
2019Q1	104.457
2019Q2	105.058
2019Q3	104.277
2019Q4	101.556
2020Q1	98.555
2020Q2	92.527
2020Q3	92.594
2020Q4	92.577
2021Q1	95.172
2021Q2	95.098
2021Q3	97.423
2021Q4	100.704
2022Q1	106.456
2022Q2	114.749
2022Q3	123.611
2022Q4	137.418
2023Q1	161.631
2023Q2	179.249
2023Q3	187.049
2023Q4	203.741
2024Q1	208.953
2024Q2	215.341
2024Q3	216.494
2024Q4	212.307
2025Q1	207.557
2025Q2	203.294
2025Q3	195.303
2025Q4	180.864
2026Q1	167.254
2026Q2	159.537

(b) Investment in Industrial Equipment

Date	Investment
1990Q1	62.331
1990Q2	59.563
1990Q3	59.758
1990Q4	57.873
1991Q1	56.953
1991Q2	56.066
1991Q3	56.07
1991Q4	55.092
1992Q1	54.915
1992Q2	56.084
1992Q3	57.471
1992Q4	59.805
1993Q1	60.32
1993Q2	60.668
1993Q3	61.475
1993Q4	65.191
1994Q1	65.644
1994Q2	66.146
1994Q3	67.98
1994Q4	69.973
1995Q1	73.062
1995Q2	74.195
1995Q3	74.724
1995Q4	74.078
1996Q1	75.829
1996Q2	77.261
1996Q3	76.533
1996Q4	77.422
1997Q1	77.049
1997Q2	78.519
1997Q3	78.957
1997Q4	79.147
1998Q1	83.145
1998Q2	82.422
1998Q3	80.731
1998Q4	81.026
1999Q1	80.878
1999Q2	82.043
1999Q3	83.125
1999Q4	83.297
2000Q1	87.269
2000Q2	89.57
2000Q3	91.175
2000Q4	89.774
2001Q1	89.976
2001Q2	83.59
2001Q3	80.07
2001Q4	77.769
2002Q1	78.441
2002Q2	76.416
2002Q3	77.324
2002Q4	76.901
2003Q1	76.621
2003Q2	79.702
2003Q3	77.867
2003Q4	76.162
2004Q1	73.142
2004Q2	75.02
2004Q3	77.447
2004Q4	79.028
2005Q1	80.76
2005Q2	79.834
2005Q3	83.366
2005Q4	86.881
2006Q1	85.99
2006Q2	91.288
2006Q3	90.585
2006Q4	90.841
2007Q1	89.134
2007Q2	94.942
2007Q3	95.444
2007Q4	90.631
2008Q1	90.79
2008Q2	90.044
2008Q3	88.364
2008Q4	85.595
2009Q1	74.039
2009Q2	69.592
2009Q3	67.193
2009Q4	66.247
2010Q1	64.587
2010Q2	68.694
2010Q3	70.132
2010Q4	73.345
2011Q1	77.84
2011Q2	78.973
2011Q3	84.807
2011Q4	90.329
2012Q1	89.549
2012Q2	91.56
2012Q3	88.378
2012Q4	90.321
2013Q1	89.779
2013Q2	89.233
2013Q3	90.032
2013Q4	89.603
2014Q1	91.713
2014Q2	94.336
2014Q3	96.393
2014Q4	94.266
2015Q1	94.707
2015Q2	95.296
2015Q3	94.773
2015Q4	95.654
2016Q1	94.023
2016Q2	95.186
2016Q3	94.367
2016Q4	95.529
2017Q1	97.232
2017Q2	99.748
2017Q3	100.532
2017Q4	102.487
2018Q1	104.178
2018Q2	103.425
2018Q3	104.618
2018Q4	106.886
2019Q1	106.289
2019Q2	107.641
2019Q3	108.768
2019Q4	104.002
2020Q1	99.807
2020Q2	92.775
2020Q3	97.34
2020Q4	100.669
2021Q1	99.838
2021Q2	104.353
2021Q3	105.671
2021Q4	106.723
2022Q1	107.411
2022Q2	105.54
2022Q3	103.688
2022Q4	105.949
2023Q1	105.868
2023Q2	106.724
2023Q3	105.275
2023Q4	106.02
2024Q1	106.922
2024Q2	106.5
2024Q3	107.995
2024Q4	108.19
2025Q1	109.343
2025Q2	111.076
2025Q3	111.651
2025Q4	110.636
2026Q1	111.92
2026Q2	119.278

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Figure 3: Fab-Related Investment Estimates from the Fixed Asset Accounts
Note: The data is annual and spans from 1990 to 2024. Special industry equipment, n.e.c. includes semiconductor manufacturing machinery and other machinery. See Appendix Table 2 for more detail on the industry categories.
Source: BEA FAAs.

date	Special industry equipment, n.e.c. investment, all sectors	Equipment investment, Computer and Electronic Products (NAICS 334)	Construction, Computer and Electronic Products (NAICS 334)
1990Q4	22.6	10.1	2.4
1991Q4	21.3	10.3	2
1992Q4	21.4	11	1.9
1993Q4	24	11.9	2
1994Q4	26.1	14.7	3.1
1995Q4	30.9	18.8	5.2
1996Q4	32.6	22.6	7.7
1997Q4	32.7	22.3	6.1
1998Q4	34.1	22.7	5.6
1999Q4	34.6	21.9	4.4
2000Q4	39.3	25.9	7.5
2001Q4	34.9	23.9	8.5
2002Q4	30.4	15.2	2.2
2003Q4	28.8	14.5	1.7
2004Q4	28.5	13.4	1.8
2005Q4	30.6	16.8	3
2006Q4	33.4	15.2	2.1
2007Q4	34.8	18.9	4.5
2008Q4	32.9	24.6	6.1
2009Q4	25.5	14.1	5
2010Q4	25.7	18.3	3.3
2011Q4	36.1	25.5	4.3
2012Q4	34.7	22.5	5.3
2013Q4	36	21.6	6.9
2014Q4	40.2	19.6	5
2015Q4	38.7	21.2	4
2016Q4	40.3	15.7	2.6
2017Q4	42.8	14.5	3.9
2018Q4	43.2	18	5.8
2019Q4	48	18.1	3.7
2020Q4	42	16.5	3.7
2021Q4	44.7	14.3	4.2
2022Q4	46.4	21	5.8
2023Q4	47	20.9	5.9
2024Q4	51.1	21.9	6.8

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Figure 4: Investment Estimates for the Computer and Electronic Products Sector (NAICS 334) from Census AIES and BEA FAAs
(a) Construction
(b) Equipment
Note: Data are annual from 1990 to 2023 (AIES) or 2024 (FAAs). See Appendix Table 1 for spending definitions and Appendix Table 2 for industry definitions.
Source: Census, AIES; BEA, FAAs.

(a) Construction

date	FAAs	Census
1990Q4	2.4	2.222
1991Q4	2	1.679
1992Q4	1.9	1.977
1993Q4	2	1.883
1994Q4	3.1	2.697
1995Q4	5.2	4.257
1996Q4	7.7	6.396
1997Q4	6.1	4.417
1998Q4	5.6	4.295
1999Q4	4.4	3.373
2000Q4	7.5	5.662
2001Q4	8.5	6.356
2002Q4	2.2	2.546
2003Q4	1.7	2.014
2004Q4	1.8	1.996
2005Q4	3	2.97
2006Q4	2.1	2.159
2007Q4	4.5	4.28
2008Q4	6.1	4.846
2009Q4	5	3.328
2010Q4	3.3	2.023
2011Q4	4.3	2.452
2012Q4	5.3	2.823
2013Q4	6.9	5.948
2014Q4	5	4.158
2015Q4	4	3.229
2016Q4	2.6	2.038
2017Q4	3.9	2.862
2018Q4	5.8	4.207
2019Q4	3.7	2.675
2020Q4	3.7	2.694
2021Q4	4.2	3.063
2022Q4	5.8	4.656
2023Q4	5.9	3.804
2024Q4	6.8	NA

(b) Equipment

date	FAAs	NIPA
1990Q4	10.1	9.4
1991Q4	10.3	8.676
1992Q4	11	10.273
1993Q4	11.9	10.67
1994Q4	14.7	12.058
1995Q4	18.8	14.884
1996Q4	22.6	18.632
1997Q4	22.3	20.352
1998Q4	22.7	18.511
1999Q4	21.9	17.92
2000Q4	25.9	22.398
2001Q4	23.9	19.149
2002Q4	15.2	11.096
2003Q4	14.5	10.582
2004Q4	13.4	9.996
2005Q4	16.8	13.389
2006Q4	15.2	12.623
2007Q4	18.9	14.883
2008Q4	24.6	17.139
2009Q4	14.1	9.242
2010Q4	18.3	11.375
2011Q4	25.5	14.264
2012Q4	22.5	12.297
2013Q4	21.6	14.101
2014Q4	19.6	12.41
2015Q4	21.2	13.235
2016Q4	15.7	9.839
2017Q4	14.5	8.998
2018Q4	18	11.202
2019Q4	18.1	11.246
2020Q4	16.5	10.487
2021Q4	14.3	9.018
2022Q4	21	11.136
2023Q4	20.9	28.067
2024Q4	21.9	NA

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Figure 5: Monthly Measures of Equipment Investment and Construction from Census
(a) Industrial Equipment (NAICS 3332) Investment
(b) Electrical and Electronic Manufacturing (NAICS 334 and 335) Plant Construction
Note: The data are monthly and go through June, 2026. Absorption is shipments less net exports. Industrial equipment includes semiconductor manufacturing equipment. See Appendix Table 1 for more detail on the spending categories and Appendix Table 2 for industry definitions.
Source: For equipment investment, Census M3 survey and ITC data for net exports for the absorption measure. For construction, Census VIP.

(a) Industrial Equipment (NAICS 3332) Investment

date	absorption	shipments
1992M1	NA	24.264
1992M2	18.522	17.736
1992M3	19.387	21.996
1992M4	27.019	22.284
1992M5	20.662	19.92
1992M6	21.337	21.792
1992M7	21.345	20.868
1992M8	22.267	21.492
1992M9	20.94	21.096
1992M10	23.533	21.552
1992M11	20.369	17.76
1992M12	24.525	22.176
1993M1	22.299	22.38
1993M2	20.579	20.316
1993M3	23.121	22.152
1993M4	27.549	22.488
1993M5	21.929	22.056
1993M6	25.811	23.016
1993M7	26.023	24.144
1993M8	24.147	22.788
1993M9	26.152	25.14
1993M10	25.884	25.044
1993M11	26.632	27.084
1993M12	26.057	24.516
1994M1	27.311	24.876
1994M2	28.831	28.716
1994M3	27.905	25.872
1994M4	25.914	25.02
1994M5	29.485	27.588
1994M6	27.426	24.024
1994M7	29.497	26.988
1994M8	27.683	27.624
1994M9	27.261	26.172
1994M10	29.839	28.128
1994M11	29.942	27.804
1994M12	29.733	28.344
1995M1	33.788	27.792
1995M2	33.64	31.764
1995M3	31.829	30.276
1995M4	30.637	30.084
1995M5	33.465	31.26
1995M6	34.535	32.004
1995M7	33.283	32.052
1995M8	36.243	35.352
1995M9	33.892	33.564
1995M10	32.643	33.876
1995M11	34.242	35.508
1995M12	33.324	33.756
1996M1	39.28	37.86
1996M2	35.787	35.568
1996M3	33.665	35.04
1996M4	34.626	37.8
1996M5	36.333	37.056
1996M6	34.358	36.72
1996M7	34.106	34.14
1996M8	32.178	33.528
1996M9	32.195	34.32
1996M10	31.903	32.796
1996M11	30.362	32.472
1996M12	35.578	36.432
1997M1	32.783	31.104
1997M2	33.469	34.86
1997M3	34.564	34.56
1997M4	36.035	34.284
1997M5	36.482	34.416
1997M6	39.046	36.78
1997M7	38.136	37.176
1997M8	36.798	37.488
1997M9	35.019	38.304
1997M10	39.599	39.996
1997M11	37.781	40.656
1997M12	39.686	39.432
1998M1	39.674	39.612
1998M2	39.737	38.28
1998M3	42.111	40.644
1998M4	36.944	34.98
1998M5	36.597	36.768
1998M6	36.638	34.824
1998M7	35.887	34.236
1998M8	34.49	31.176
1998M9	35.229	33.084
1998M10	33.757	32.244
1998M11	34.534	31.008
1998M12	35.87	34.32
1999M1	35.938	32.784
1999M2	36.047	33.96
1999M3	37.64	33.648
1999M4	36.591	35.868
1999M5	35.833	35.364
1999M6	37.747	38.196
1999M7	37.45	35.364
1999M8	36.655	37.5
1999M9	38.074	40.044
1999M10	40.326	38.088
1999M11	38.377	37.5
1999M12	41.454	39.948
2000M1	39.681	41.46
2000M2	39.253	38.532
2000M3	40.515	42.828
2000M4	46.952	45.948
2000M5	48.514	44.496
2000M6	46.68	45.756
2000M7	46.808	50.136
2000M8	51.008	51.312
2000M9	45.948	48.576
2000M10	49.975	49.044
2000M11	46.067	51.132
2000M12	46.973	46.98
2001M1	41.599	46.596
2001M2	42.324	43.128
2001M3	40.01	40.668
2001M4	36.88	37.632
2001M5	33.72	35.472
2001M6	32.273	33.144
2001M7	30.288	32.064
2001M8	30.656	31.716
2001M9	30.128	31.38
2001M10	31.651	30.54
2001M11	30.126	29.892
2001M12	31.518	31.2
2002M1	31.562	30.396
2002M2	33.256	31.596
2002M3	32.123	30.708
2002M4	32.852	33.876
2002M5	34.57	34.404
2002M6	32.355	32.124
2002M7	34.599	34.728
2002M8	35.257	36.96
2002M9	34.599	33.168
2002M10	33.956	33.144
2002M11	37.991	35.58
2002M12	38.469	30.924
2003M1	31.321	32.652
2003M2	33.441	33.756
2003M3	35.63	34.104
2003M4	31.94	30.672
2003M5	32.768	34.212
2003M6	33.137	34.284
2003M7	29.657	29.784
2003M8	29.914	30.612
2003M9	30.962	29.94
2003M10	28.168	28.668
2003M11	27.155	27.504
2003M12	28.977	28.956
2004M1	30.128	29.424
2004M2	28.759	31.488
2004M3	33.746	37.8
2004M4	30.157	32.964
2004M5	29.292	31.572
2004M6	32.638	35.076
2004M7	32.998	36.012
2004M8	33.521	33.468
2004M9	34.285	35.568
2004M10	33.065	37.344
2004M11	33.136	29.748
2004M12	40.026	36.372
2005M1	37.615	37.584
2005M2	35.206	35.244
2005M3	33.026	33.168
2005M4	33.855	32.22
2005M5	35.526	34.584
2005M6	31.188	31.692
2005M7	35.896	31.908
2005M8	33.732	32.676
2005M9	34.094	34.656
2005M10	33.953	34.284
2005M11	37.172	35.748
2005M12	36.62	38.628
2006M1	37.028	35.688
2006M2	32.895	30.84
2006M3	37.35	37.02
2006M4	36.927	41.568
2006M5	36.727	35.244
2006M6	39.957	38.1
2006M7	38.524	41.7
2006M8	40.214	40.224
2006M9	37.637	39.468
2006M10	39.612	41.532
2006M11	36.304	38.388
2006M12	42.365	36.672
2007M1	33.298	30.684
2007M2	42.262	38.784
2007M3	37.913	38.352
2007M4	45.995	49.392
2007M5	39.062	40.74
2007M6	38.315	40.692
2007M7	37.16	41.016
2007M8	41.687	41.196
2007M9	38.265	39
2007M10	40.153	39.744
2007M11	37.987	37.488
2007M12	39.583	37.704
2008M1	38.045	40.968
2008M2	40.043	37.692
2008M3	35.238	37.692
2008M4	34.984	35.292
2008M5	34.539	33.78
2008M6	32.359	33.456
2008M7	34.737	34.164
2008M8	31.4	33.12
2008M9	31.045	32.868
2008M10	31.674	33.9
2008M11	30.696	30.78
2008M12	31.661	30.528
2009M1	36.379	32.964
2009M2	26.116	26.352
2009M3	22.908	23.952
2009M4	25.94	26.988
2009M5	21.913	25.296
2009M6	24.605	25.824
2009M7	20.663	24.66
2009M8	20.894	22.872
2009M9	21.01	23.436
2009M10	17.915	22.548
2009M11	24.017	25.908
2009M12	21.69	25.836
2010M1	21.199	26.976
2010M2	26.453	31.224
2010M3	21.74	28.224
2010M4	24.836	28.572
2010M5	29.895	31.152
2010M6	23.042	27.996
2010M7	21.914	27.288
2010M8	28.244	29.856
2010M9	27.698	29.724
2010M10	22.912	27.564
2010M11	29.287	30.204
2010M12	31.431	34.176
2011M1	37.488	33.408
2011M2	39.206	33.576
2011M3	33.549	35.832
2011M4	31.109	32.28
2011M5	32.967	33.408
2011M6	33.865	34.632
2011M7	37.431	33.504
2011M8	37.163	33.828
2011M9	36.938	35.004
2011M10	35.446	34.536
2011M11	31.328	30.756
2011M12	37.516	32.808
2012M1	31.243	29.652
2012M2	29.762	30.948
2012M3	32.528	33.036
2012M4	35.301	33.24
2012M5	30.544	31.392
2012M6	32.004	32.724
2012M7	31.937	32.364
2012M8	35.593	32.22
2012M9	32.994	30.708
2012M10	36.706	33.288
2012M11	37.058	33.42
2012M12	36.709	33.36
2013M1	35.029	33.048
2013M2	34.763	33.504
2013M3	32.803	32.724
2013M4	33.861	30.48
2013M5	31.935	34.332
2013M6	27.075	28.344
2013M7	34.894	31.704
2013M8	39.181	35.868
2013M9	34.635	32.82
2013M10	32.069	31.872
2013M11	33.058	33.852
2013M12	34.269	32.268
2014M1	30.474	33.96
2014M2	39.33	35.292
2014M3	35.24	32.652
2014M4	34.631	31.452
2014M5	42.458	32.856
2014M6	41.648	32.796
2014M7	38.078	34.92
2014M8	36.598	32.652
2014M9	41.334	36.312
2014M10	28.676	29.304
2014M11	26.706	27.18
2014M12	27.673	29.004
2015M1	28.557	25.98
2015M2	27.094	25.992
2015M3	28.055	27.096
2015M4	26.988	30.78
2015M5	34.102	32.232
2015M6	32.756	33.312
2015M7	30.268	32.208
2015M8	30.315	31.464
2015M9	33.307	34.116
2015M10	40.346	37.08
2015M11	36.113	34.464
2015M12	38.735	33.084
2016M1	32.979	33.984
2016M2	33.451	33.672
2016M3	32.721	33.444
2016M4	30.872	32.616
2016M5	29.716	30.492
2016M6	30.139	30.444
2016M7	26.843	30.24
2016M8	31.775	30.96
2016M9	29.082	30.132
2016M10	27.206	29.964
2016M11	31.512	32.124
2016M12	29.117	33.216
2017M1	32.597	33.756
2017M2	33.368	33.072
2017M3	29.113	34.056
2017M4	30.181	33.792
2017M5	30.671	31.74
2017M6	31.198	32.868
2017M7	34.851	33.096
2017M8	33.258	32.904
2017M9	32.538	33.324
2017M10	33.054	34.752
2017M11	36.885	35.184
2017M12	28.792	33.864
2018M1	36.337	35.688
2018M2	34.853	36.36
2018M3	29.652	35.82
2018M4	33.686	36.372
2018M5	31.821	33.576
2018M6	34.511	37.284
2018M7	38.701	38.592
2018M8	40.125	38.016
2018M9	38.902	37.272
2018M10	35.069	36.888
2018M11	38.073	35.988
2018M12	36.542	34.524
2019M1	37.134	33.396
2019M2	41.049	34.068
2019M3	34.371	33.66
2019M4	38.052	34.38
2019M5	37.152	35.064
2019M6	42.682	35.676
2019M7	43.787	34.836
2019M8	44.113	37.2
2019M9	41.9	37.284
2019M10	36.988	37.68
2019M11	40.022	39.624
2019M12	38.281	39.288
2020M1	38.581	40.668
2020M2	36.933	39.684
2020M3	42.13	40.32
2020M4	35.757	36.456
2020M5	37.029	38.352
2020M6	36.2	36.684
2020M7	29.393	35.292
2020M8	31.858	35.88
2020M9	27.78	34.236
2020M10	28.194	33.18
2020M11	33.083	32.412
2020M12	25.651	33.372
2021M1	21.16	31.464
2021M2	26.36	30.156
2021M3	26.835	33.36
2021M4	29.445	36.48
2021M5	33.579	37.488
2021M6	40.036	39.612
2021M7	26.789	41.028
2021M8	43.296	40.44
2021M9	41.276	43.188
2021M10	31.511	42.204
2021M11	43.145	42.396
2021M12	43.826	44.172
2022M1	40.463	43.5
2022M2	46.514	41.388
2022M3	45.112	42.456
2022M4	34.48	39.024
2022M5	37.226	40.944
2022M6	42.905	39.36
2022M7	32.248	39.3
2022M8	36.029	39.372
2022M9	37.868	40.104
2022M10	42.51	40.716
2022M11	40.823	39.048
2022M12	42.611	38.376
2023M1	38.038	39.648
2023M2	43.574	40.236
2023M3	43.51	39.06
2023M4	42.415	38.94
2023M5	46.218	37.5
2023M6	39.037	38.484
2023M7	35.446	38.448
2023M8	45.457	38.244
2023M9	40.147	37.644
2023M10	33.603	37.956
2023M11	44.01	39.732
2023M12	34.37	38.304
2024M1	40.15	40.272
2024M2	49.554	40.68
2024M3	41.414	39.588
2024M4	41.527	39.648
2024M5	44.973	39.552
2024M6	41.039	38.88
2024M7	45.522	39.204
2024M8	45.416	38.664
2024M9	41.107	37.296
2024M10	51.243	38.832
2024M11	44.222	37.752
2024M12	44.544	37.776
2025M1	41.409	37.716
2025M2	40.145	36.984
2025M3	48.193	38.916
2025M4	48.511	42.768
2025M5	51.253	41.664
2025M6	50.316	43.524
2025M7	47.232	45.012
2025M8	51.858	44.808
2025M9	51.298	46.728
2025M10	48.108	50.052
2025M11	53.023	49.308
2025M12	57.277	51.624
2026M1	53.678	52.596
2026M2	49.664	48.144
2026M3	54.926	52.152
2026M4	60.804	54.504
2026M5	NA	51.708
2026M6	NA	57.444

(b) Electrical and Electronic Manufacturing (NAICS 334 and 335) Plant Construction

date	VIP
1993M1	1.817
1993M2	1.718
1993M3	1.717
1993M4	2.465
1993M5	2.941
1993M6	2.398
1993M7	1.8
1993M8	1.786
1993M9	1.616
1993M10	2.027
1993M11	2.578
1993M12	3.034
1994M1	2.306
1994M2	2.666
1994M3	2.614
1994M4	3.115
1994M5	3.614
1994M6	3.707
1994M7	5.034
1994M8	5.31
1994M9	5.915
1994M10	4.727
1994M11	4.979
1994M12	5.418
1995M1	4.024
1995M2	5.472
1995M3	5.828
1995M4	6.331
1995M5	5.932
1995M6	6.048
1995M7	5.983
1995M8	6.371
1995M9	7.302
1995M10	7.621
1995M11	7.457
1995M12	7.62
1996M1	8.489
1996M2	7.111
1996M3	7.867
1996M4	6.941
1996M5	7.589
1996M6	8.381
1996M7	8.551
1996M8	8.701
1996M9	12.305
1996M10	13.027
1996M11	9.896
1996M12	8.48
1997M1	7.615
1997M2	7.632
1997M3	6.916
1997M4	6.568
1997M5	7.762
1997M6	7.411
1997M7	8.388
1997M8	8.066
1997M9	8.6
1997M10	7.782
1997M11	6.87
1997M12	6.838
1998M1	6.78
1998M2	7.215
1998M3	10.108
1998M4	8.769
1998M5	8.557
1998M6	8.37
1998M7	7.262
1998M8	6.898
1998M9	6.704
1998M10	6.786
1998M11	6.639
1998M12	6.924
1999M1	5.673
1999M2	5.526
1999M3	5.076
1999M4	4.794
1999M5	4.665
1999M6	4.668
1999M7	4.867
1999M8	4.609
1999M9	4.36
1999M10	4.318
1999M11	4.418
1999M12	4.338
2000M1	4.7
2000M2	4.655
2000M3	4.757
2000M4	5.226
2000M5	5.216
2000M6	6.255
2000M7	6.386
2000M8	6.795
2000M9	7.152
2000M10	7.884
2000M11	8.436
2000M12	8.582
2001M1	10.233
2001M2	8.717
2001M3	8.479
2001M4	7.369
2001M5	6.064
2001M6	6.006
2001M7	5.635
2001M8	5.521
2001M9	5.932
2001M10	3.68
2001M11	2.754
2001M12	3.159
2002M1	2.605
2002M2	2.495
2002M3	2.309
2002M4	2.233
2002M5	2.315
2002M6	1.927
2002M7	1.885
2002M8	1.702
2002M9	1.486
2002M10	1.486
2002M11	1.375
2002M12	1.408
2003M1	1.403
2003M2	1.243
2003M3	1.249
2003M4	1.249
2003M5	1.209
2003M6	1.225
2003M7	1.198
2003M8	1.195
2003M9	1.434
2003M10	2.167
2003M11	1.866
2003M12	1.793
2004M1	1.518
2004M2	2.017
2004M3	2.448
2004M4	2.394
2004M5	2.573
2004M6	2.564
2004M7	2.709
2004M8	2.871
2004M9	3.413
2004M10	3.308
2004M11	3.352
2004M12	3.909
2005M1	4.058
2005M2	4.438
2005M3	4.16
2005M4	4.107
2005M5	3.982
2005M6	4.322
2005M7	3.964
2005M8	3.802
2005M9	3.809
2005M10	3.926
2005M11	3.875
2005M12	4.092
2006M1	3.475
2006M2	3.915
2006M3	3.95
2006M4	5.087
2006M5	3.829
2006M6	4.772
2006M7	4.326
2006M8	4.294
2006M9	4.014
2006M10	3.711
2006M11	3.354
2006M12	3.182
2007M1	3.471
2007M2	3.732
2007M3	2.845
2007M4	2.914
2007M5	2.827
2007M6	2.593
2007M7	2.589
2007M8	2.167
2007M9	2.237
2007M10	2.002
2007M11	1.866
2007M12	1.74
2008M1	1.603
2008M2	1.512
2008M3	1.576
2008M4	1.917
2008M5	1.833
2008M6	2.039
2008M7	2.404
2008M8	2.305
2008M9	2.287
2008M10	2.513
2008M11	2.91
2008M12	2.907
2009M1	3.272
2009M2	3.194
2009M3	3.125
2009M4	3.23
2009M5	3.393
2009M6	3.298
2009M7	3.469
2009M8	3.975
2009M9	4.264
2009M10	4.212
2009M11	4.678
2009M12	4.239
2010M1	4.641
2010M2	5.021
2010M3	6.342
2010M4	5.811
2010M5	4.524
2010M6	4.316
2010M7	4.159
2010M8	4.223
2010M9	4.111
2010M10	4.253
2010M11	4.223
2010M12	3.793
2011M1	4.764
2011M2	6.629
2011M3	6.602
2011M4	6.234
2011M5	8.879
2011M6	8.821
2011M7	8.743
2011M8	10.009
2011M9	9.879
2011M10	10.876
2011M11	10.712
2011M12	12.606
2012M1	10.731
2012M2	10.785
2012M3	11.186
2012M4	10.586
2012M5	9.803
2012M6	9.609
2012M7	9.517
2012M8	8.609
2012M9	8.733
2012M10	8.791
2012M11	8.508
2012M12	8.581
2013M1	7.775
2013M2	7.456
2013M3	7.414
2013M4	7.496
2013M5	5.651
2013M6	6.836
2013M7	8.008
2013M8	7.077
2013M9	7.762
2013M10	7.751
2013M11	7.78
2013M12	10.117
2014M1	7.652
2014M2	7.227
2014M3	6.605
2014M4	6.042
2014M5	5.939
2014M6	5.282
2014M7	4.481
2014M8	4.159
2014M9	4.079
2014M10	4.154
2014M11	3.518
2014M12	3.205
2015M1	3.234
2015M2	3.204
2015M3	3.33
2015M4	3.134
2015M5	3.403
2015M6	2.46
2015M7	4.206
2015M8	3.836
2015M9	3.533
2015M10	3.75
2015M11	3.88
2015M12	4.062
2016M1	2.611
2016M2	2.535
2016M3	1.872
2016M4	1.88
2016M5	1.966
2016M6	2.132
2016M7	1.924
2016M8	2.031
2016M9	1.967
2016M10	1.641
2016M11	1.813
2016M12	1.736
2017M1	1.583
2017M2	1.266
2017M3	1.537
2017M4	1.765
2017M5	1.908
2017M6	1.845
2017M7	1.941
2017M8	2.416
2017M9	2.479
2017M10	2.685
2017M11	2.916
2017M12	3.105
2018M1	3.85
2018M2	4.486
2018M3	4.348
2018M4	4.405
2018M5	5.868
2018M6	5.183
2018M7	5.443
2018M8	5.924
2018M9	6.307
2018M10	6.218
2018M11	6.587
2018M12	6.904
2019M1	6.537
2019M2	6.893
2019M3	7.424
2019M4	7.987
2019M5	7.963
2019M6	8.38
2019M7	8.61
2019M8	9.308
2019M9	9.01
2019M10	9.49
2019M11	8.434
2019M12	9.317
2020M1	9.393
2020M2	9.146
2020M3	9.731
2020M4	9.753
2020M5	8.799
2020M6	9.741
2020M7	9.823
2020M8	8.354
2020M9	9.208
2020M10	9.526
2020M11	8.555
2020M12	8.106
2021M1	7.185
2021M2	7.801
2021M3	8.157
2021M4	7.558
2021M5	7.651
2021M6	10.741
2021M7	11.417
2021M8	10.924
2021M9	11.26
2021M10	17.719
2021M11	21.553
2021M12	21.991
2022M1	26.223
2022M2	27.398
2022M3	27.869
2022M4	29.809
2022M5	33.874
2022M6	33.61
2022M7	42.51
2022M8	45.062
2022M9	52.059
2022M10	58.824
2022M11	61.138
2022M12	69.758
2023M1	78.453
2023M2	83.081
2023M3	89.989
2023M4	99.462
2023M5	97.444
2023M6	99.266
2023M7	97.974
2023M8	100.858
2023M9	100.355
2023M10	112.591
2023M11	121.004
2023M12	120.84
2024M1	121.542
2024M2	122.43
2024M3	120.165
2024M4	123.474
2024M5	123.657
2024M6	126.353
2024M7	125.63
2024M8	123.318
2024M9	124.758
2024M10	117.978
2024M11	120.506
2024M12	115.912
2025M1	115.494
2025M2	113.692
2025M3	109.301
2025M4	107.194
2025M5	104.774
2025M6	99.493
2025M7	96.684
2025M8	95.374
2025M9	90.222
2025M10	84.387
2025M11	78.014
2025M12	70.76
2026M1	66.997
2026M2	64.071
2026M3	61.393
2026M4	57.885
2026M5	55.241
2026M6	52.869

Return to text

Figure 6: Investment Estimates from SEMI World Fab Forecast and U.S. Census Annual Integrated Economic Survey
(a) Equipment
(b) Construction
(c) Total
Note: The data is through 2023 for comparability between sources. See Appendix Table 1 for more detail on the spending categories and Appendix Table 2 for industry definitions.
Source: SEMI, World Fab Forecast; Census AIES.

(a) Equipment

date	SEMI	Census NAICS 334	Census NAICS 334413
2008	5.104	17.139	9.592
2009	3.212	9.242	3.397
2010	5.194	11.375	5.256
2011	8.747	14.264	7.922
2012	7.869	12.297	6.745
2013	5.412	14.101	9.466
2014	7.962	12.41	7.353
2015	4.98	13.235	8.684
2016	4.219	9.839	5.347
2017	5.197	8.998	4.752
2018	5.398	11.202	6.136
2019	7.812	11.246	5.763
2020	6.578	10.487	5.584
2021	6.375	9.018	4.194
2022	8.208	11.136	7.491
2023	11.829	28.067	21.962

(b) Construction

date	SEMI	Census NAICS 334	Census NAICS 334413
2008	0.22	4.846	3.327
2009	0.879	3.328	2.287
2010	1.776	2.023	0.706
2011	1.581	2.452	1.127
2012	2.004	2.823	1.817
2013	1.285	5.948	4.353
2014	0.938	4.158	2.409
2015	1.502	3.229	1.936
2016	0.416	2.038	0.838
2017	0.877	2.862	1.805
2018	0.822	4.207	2.591
2019	0.783	2.675	1.12
2020	1.148	2.694	1.159
2021	1.932	3.063	1.269
2022	3.651	4.656	3.245
2023	8.763	3.804	2.091

(c) Total

date	SEMI	Census NAICS 334`	Census NAICS 334413
2008	5.324	21.985	12.919
2009	4.092	12.57	5.685
2010	6.971	13.399	5.963
2011	10.328	16.716	9.049
2012	9.873	15.12	8.562
2013	6.697	20.049	13.82
2014	8.899	16.568	9.762
2015	6.481	16.464	10.619
2016	4.635	11.877	6.186
2017	6.074	11.86	6.558
2018	6.219	15.408	8.727
2019	8.595	13.921	6.882
2020	7.726	13.181	6.743
2021	8.307	12.081	5.463
2022	11.859	15.792	10.736
2023	20.592	31.871	24.053

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Figure 7: Estimates of U.S. Semiconductor Fab Investment by Type from SEMI World Fab Forecast
Note: Front-end equipment; excludes test and assembly equipment. Last date prior to forecast is 2025:Q4. Last date of forecast is 2027:Q4. Forecast includes projects SEMI judges to have at least 50 percent likelihood of going forward.
Source: SEMI World Fab Forecast.

date	Equipment	Construction
2008Q1	6.544	0.252
2008Q2	4.643	0.24
2008Q3	3.991	0.224
2008Q4	5.235	0.164
2009Q1	4.105	0.216
2009Q2	2.733	0.528
2009Q3	2.788	1.024
2009Q4	3.224	1.749
2010Q1	3.225	2.405
2010Q2	4.376	1.736
2010Q3	5.518	1.4
2010Q4	7.658	1.564
2011Q1	10.896	1.516
2011Q2	8.203	1.332
2011Q3	7.763	1.732
2011Q4	8.125	1.744
2012Q1	8.748	1.578
2012Q2	7.288	1.606
2012Q3	7.744	2.712
2012Q4	7.696	2.12
2013Q1	6.243	1.684
2013Q2	4.744	1.206
2013Q3	4.963	1.21
2013Q4	5.697	1.04
2014Q1	7.553	0.78
2014Q2	9.271	1.068
2014Q3	8.207	1.22
2014Q4	6.816	0.682
2015Q1	5.859	1.046
2015Q2	6.089	1.506
2015Q3	4.61	1.628
2015Q4	3.362	1.826
2016Q1	3.634	0.436
2016Q2	4.58	0.472
2016Q3	3.852	0.424
2016Q4	4.81	0.332
2017Q1	4.782	0.364
2017Q2	4.425	0.752
2017Q3	5.463	1.096
2017Q4	6.116	1.298
2018Q1	4.124	0.774
2018Q2	5.458	0.836
2018Q3	4.572	0.864
2018Q4	7.436	0.812
2019Q1	6.269	0.704
2019Q2	6.47	0.64
2019Q3	9.727	0.74
2019Q4	8.783	1.048
2020Q1	7.767	0.768
2020Q2	7.356	0.904
2020Q3	6.221	1.62
2020Q4	4.967	1.3
2021Q1	5.499	1.812
2021Q2	4.668	2.92
2021Q3	6.368	1.496
2021Q4	8.964	1.5
2022Q1	7.191	2.184
2022Q2	7.618	3.212
2022Q3	8.57	4.184
2022Q4	9.452	5.024
2023Q1	15.544	6.272
2023Q2	11.6	9.012
2023Q3	9.636	9.512
2023Q4	10.536	10.256
2024Q1	9.926	9.868
2024Q2	13.178	9.708
2024Q3	14.182	9.396
2024Q4	14.394	8.616
2025Q1	11.186	14.008
2025Q2	10.508	10.932
2025Q3	7.554	9.936
2025Q4	11.81	7.8
2026Q1	18.035	5.464
2026Q2	21.567	5.128
2026Q3	23.552	4.684
2026Q4	25.668	5.68
2027Q1	29.616	8.7
2027Q2	26.739	10.04
2027Q3	27.337	13.54
2027Q4	28.099	15.64

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Measuring and Projecting U.S. Investment in Semiconductor Manufacturing Capacity

Accessible version of figures