Total investment in industrial projects jumped 32 percent to $1.8 trillion last year, according to an annual global industrial investment monitor published by consultancies Trendeo and McKinsey and CESI engineering school.

The rise was due in large part to a near doubling of investment in the United States, passing from $404 billion in 2024 to $793 billion in 2025.

The report noted that US investment has rebounded strongly since 2021 as it seeks to adapt its industrial base to growth sectors.

While the focus was on computer chip manufacturing in 2021 and 2023, the report noted that investment in data centres and AI infrastructure has multiplied by five over the past two years.

Meanwhile, China has seen its industrial investment plunge, falling from $555 billion in 2022 to $46 billion in 2025.

Trendeo chief executive David Cousquer said the 2025 study "found a geographical reshuffling of the deck when it comes to industrial investment."

While the "United States is establishing itself as the undisputed leader... China, on the other hand, affected by tariff-related factors, is seeing its share of received investment fall dramatically, its status as the number two power shaken," he added in a statement accompanying the report.