Get the latest tech news
US manufacturing investment stumbles as clean tech cancellations pile up
Companies cancelled $5 billion worth of clean tech manufacturing projects in the U.S. in Q2, mirroring a pullback in the broader manufacturing sector.
The pullback comes in the wake of the GOP’s reconciliation bill, which erased key portions of the Inflation Reduction Act, a piece of legislation that spurred a tidal wave of manufacturing investments in the United States. The industry has encountered new headwinds as the One Big Beautiful Bill pulled key supports for many of the projects by softening rising demand for electric vehicles and eliminating production tax credits. The news comes as the U.S. economy grew faster than anticipated in Q2, with gross domestic product rising 3.3%, up from the 3% that the Bureau of Economic Analysis initially reported.
Or read this on TechCrunch