WASHINGTON, D.C. — Treasury Secretary Scott Bessent testified before the Senate Finance Committee on June 3, 2026. The hearing examined the Treasury Department's budget request for fiscal year 2027.

"The country is having a manufacturing renaissance," Bessent stated. He cited approximately 90,000 new non-residential construction jobs tied to factory development. Bessent attributed recent domestic investment trends to the Working Families Tax Cuts and full-expensing tax provisions.

As examples, Boeing announced a 50 percent expansion of its manufacturing plant in Charleston, S.C. John Deere announced new manufacturing facilities in Indiana and North Carolina. Winnebago announced plans to construct a battery research facility in Florida. Trade organizations recorded over 130 semiconductor-related projects since 2020, with a valuation exceeding $600 billion. Battery and solar power capacity installations have reached record levels, with development concentrated in several states.

Bessent stated that current manufacturing economic indicators do not signal weakness. "Inflation will be a short-term blip," Bessent said. "The tax code revisions improved financial return metrics, which will result in increased employment," Bessent stated.

Manufacturing employment in the U.S. is currently slightly above pre-pandemic levels. However, manufacturing employment declined in 2024 and 2025, and monthly losses continued in early 2026. Bureau of Labor Statistics projections indicate that manufacturing's share of total employment will decrease over the next decade. Hiring in economic sectors outside healthcare has turned net negative in recent months.

Torsten Slok, chief economist at Apollo Global Management, stated that the U.S. is in the midst of an industrial renaissance driven by factory construction, semiconductor and battery manufacturing projects, and capital expenditure growth. He estimated the probability of a U.S. recession at approximately 10 percent. Slok characterized the U.S. economy as having diverging industrial and consumer sectors, with the industrial sector expanding and the consumer sector sensitive to borrowing costs and prior inflation. "Tariffs, fiscal deficits, and investment demand can maintain upward pressure on prices and interest rates," Slok stated. David Mericle, economist, stated that jobless growth is probably the new normal.

No independent assessment of Scott Bessent’s claims was available.