The ISM Manufacturing PMI reached 54.0 in May 2026, its highest level since May 2022, driven by sustained demand for AI hardware, semiconductors, and data centers. US manufacturing value added hit a record $2.91 trillion in 2024, while factory construction spending more than doubled between 2021 and 2024, attracting $2.42 trillion in foreign commitments. However, dark clouds are gathering on the horizon: a projected shortfall of 3.8 million skilled workers threatens the sector, supplier delivery times deteriorated at the fastest rate in four years, and business confidence fell to its lowest level since October 2025.
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