Q2 2026美国制造业启动报告：现在是启动美国制造业的时候了

ManufacturingLaunch Report Now is the time to jump-start US manufacturing Contents Vertical overview3Macroeconomic indicators7Manufacturing PE investor map8Manufacturing PE ecosystem market map9Segment overview10Apparel11Chemicals & associated products12Electronic & other electrical equipment13Fabricated metal products14Food15Furniture & fixtures16Leather products17Lumber & wood products18Machinery & computer equipment19Measuring, analyzing & controlling instruments20Miscellaneous manufacturing industries21Paper products22Petroleum refining & related industries23Primary metal industries24Printing & publishing25Rubber & other plastic products26Stone, clay, glass & concrete27Textiles28Tobacco29Transportation equipment30References31 Institutional Research Group Jonathan GeurkinkSenior Research Analyst, Mobility Tech and SupplyChain Techjonathan.geurkink@pitchbook.com Harrison Waldock pbinstitutionalresearch@pitchbook.com Published on July 29, 2026 Vertical overview US manufacturing is entering one of the more structurally interesting periods in a generation, drivenby a confluence of forces that are simultaneously raising costs and creating deal opportunities. Thepolicy environment, including permanent 100% bonus depreciation under the One Big Beautiful BillAct, the CHIPS Act and IRA incentive pipelines, a focus on reshoring strategic segments, and tariffregimes that make domestic production more cost-competitive, has created the most favorablecapital investment backdrop since the early 2000s. The headline investment numbers are striking,with more than $1.7 trillion in announced manufacturing commitments since 2025.1Constructionspending on manufacturing tripled as a share of total private construction from 2021 through 2025,and the Purchasing Managers’ Index has now sustained a level above 50 through the first half of2026. But underneath those numbers the picture is more selective than the aggregate suggests. Theinvestment boom is heavily concentrated in semiconductors, batteries, pharmaceuticals, and AI-adjacent infrastructure, while broad industrial manufacturing, including metals, machinery, chemicals,and general fabrication, is seeing more modest improvement. The focus on AI datacenter investmentis driving up costs and crowding out interest and capital from other sectors.2For investors and privatecompany operators the policy tailwinds are real but not uniformly distributed, and identifying whichsegments are genuinely inflecting versus which are riding borrowed momentum from tariff front-loading requires careful sub-sector analysis. Reshoring US manufacturing poses an interesting question. If industrial segments were originallyoffshored because there was too much competition and unattractive margins, who will bear the costwhen we try to reshore these segments? If a segment was low-margin and offshored specificallybecause it was too competitive to sustain high domestic labor costs, reshoring it does not makeit suddenly high-margin. Someone has to absorb the cost gap. That typically shows up as somecombination of higher consumer prices, lower corporate margins, government subsidies/tariffs, and/or automation replacing the labor cost gap. Historically, reshoring initiatives lean heavily on the third Electronic & otherelectrical equipment Overview Electronic & other electrical equipment is a large and fast-growing segment driven by demandfor semiconductors, consumer electronics, industrial electronics, and electrical infrastructurecomponents. Growth has been robust, propelled by AI hardware, datacenter build-out, and gridmodernization investment. Overall US employment of just under 350,000 remains modest, however,with a typically rich capital/labor mix. The outlook is strong, supported by CHIPS Act-style incentivesand reshoring of chip and component manufacturing. Automation, advanced robotics, and AI-assistedchip design/testing are central to productivity gains, alongside growing demand for power electronicstied to EVs and renewables. Deal activity across the segment has remained choppy during the past 10years with a peak in 2022 at $36.9 billion in value. YTD, 2026 has been relatively quiet at just $8.7 billionfor the first half. Increased AI-related demand for the segment should spur investor interest but is alsolikely to inflate valuations and sellers’ expectations. Machinery &computer equipment Overview A large, capital-goods-oriented segment spanning industrial machinery, agricultural equipment, andcomputer hardware, machinery & computer equipment represents the largest US segment by valueadded. Growth is closely tied to capex cycles, with strong recent demand from datacenter and AIinfrastructure build-out. Outlook is favorable given automation investment trends and reshoring,although traditional computer hardware faces margin pressure from commoditization. Robotics,IoT-enabled “smart machinery,” and AI-optimized design/manufacturing processes are centraltechnological drivers. Deal activit