Momentum Is Building for U.S. Manufacturing

Executive Summary
U.S. reindustrialization is moving from promise to build‑out. Our review of more than 600 factory announcements over the past two years points to accelerating shovel‑ready activity and completions. We anticipate that this capex cycle will bolster demand for modern industrial real estate, high‑throughput last‑mile logistics, and supporting infrastructure.

Completions: Since mid‑2023, nearly 200 modern facilities have delivered; 86 disclosed capex totaling $55 B. Georgia and North Carolina are among the top states for recent deliveries, reflecting competitive incentives, land availability, and logistics connectivity.

Pipeline: 420 additional facilities are planned or breaking ground with $590 B in announced investment. Apple Inc. recently committed an additional $600 B to support over 450,000 jobs across all 50 U.S. states.

Megaprojects: We define megaprojects as facilities with capex $5 B or more. 20 are planned or underway, representing approximately $385 B with activity concentrated in semiconductors, EV batteries, and pharmaceuticals.

Why it matters: We believe that this surge of activity is creating multi‑year demand for high‑power, water‑intensive sites, near‑site logistics, and supplier parks—and can catalyze opportunities in private credit tied to equipment, construction, and mission‑critical utilities.

Momentum Is Building for U.S. Manufacturing
U.S. reindustrialization is moving from promise and aspirations to build‑out. Our review of more than 600 public factory announcements from the past two years shows an acceleration in shovel‑ready projects and completions (see visual below).¹ In our view, the accelerating momentum of capital investment will bolster demand for modern industrial real estate, high throughput last mile logistics, and supporting infrastructure.

Completions. In the two years since mid 2023, nearly 200 modern facilities have reached completion; 86 of the completed projects carried disclosed capital budgets totaling $55 billion. Georgia and North Carolina stand out among the top states for recent deliveries, reflecting competitive incentives, available land, and logistics connectivity.²

Pipeline. Looking ahead, 420 facilities are planned or breaking ground with $590 billion in announced capital investment—a figure that does not include Apple’s recent commitment to deploy $600 billion across all 50 U.S. states, which is planned to support over 450,000 jobs.³

A key driver is the rise of megaprojects—which we term as facilities with planned capex of $5 billion or more. Twenty megaprojects are planned or underway, representing approximately $385 billion (roughly three‑quarters of disclosed pipeline dollars) and averaging more than $19 billion per project. Activity is concentrated in advanced manufacturing, notably semiconductors, electric‑vehicle batteries, and pharmaceuticals.

Why it matters for commercial real estate investment. We believe this surge is creating multi‑year demand for modern industrial real estate and adjacent infrastructure—from high‑power, water‑intensive sites to near‑site logistics and supplier parks. In our view to stimulate opportunities in private credit tied to equipment, construction, and mission‑critical utilities. Early beneficiaries include Sun Belt markets with strong utility capacity and workforce pipelines.²

This recalls the old adage: jobs follow people, and people follow jobs.

Bottom line. In our view the U.S. manufacturing upcycle is gaining traction. With nearly 200 factory completions since mid‑2023 and a $590 billion pipeline led by $5‑billion‑plus megaprojects, advanced manufacturing is set to be a durable growth engine with positive spillovers for industrial real estate, private credit, and regional employment.

Announced Capital Investment in Completed Advanced Manufacturing Facilities Since Mid 2023²

1 Sources include publicly available reports and online press releases from Industry Select, Industry Week, Manufacturing Dive, Reuters, and US Manufacturing Report.
2 Statements and data analysis based on Bridge Research Analysts’ views as of the date of production.
3 Apple Inc. August 6, 2025. Apple increases U.S. commitment to $600 billion, announces American Manufacturing Program. Apple Newsroom. https://www.apple.com/newsroom/2025/08/apple-increases-us-commitment-to-600-billion-usd-announces-ambitious-program/. Accessed on October 2, 2025.

Disclosures

This material is for educational purposes only and should not be treated as research. This material may not be distributed, transmitted or otherwise communicated to others, in whole or in part, without the express written consent of Bridge Investment Group Holdings LLC (together with its affiliates, “Bridge”).

The views and opinions expressed in this material are the views and opinions of the author(s) of the material. They do not necessarily reflect the views and opinions of Bridge and are subject to change at any time without notice. Further, Bridge and its affiliates may have positions (long or short) or engage in securities transactions that are not consistent with the information and views expressed in this material. There can be no assurance that an investment strategy will be successful. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially and should not be relied upon as such. Target allocations contained herein are subject to change. There is no assurance that the target allocations will be achieved, and actual allocations may be significantly different than that shown here.

This material does not constitute an offer of any service or product of Bridge. It is not an invitation by or on behalf of Bridge to any person to buy or sell any security or to adopt any investment strategy, and shall not form the basis of, nor may it accompany nor form part of, any right or contract to buy or sell any security or to adopt any investment strategy. Nothing herein should be taken as investment advice or a recommendation to enter into any transaction.

Hyperlinks to third-party websites in this material are provided for reader convenience only. Unless otherwise noted, information included herein is presented as of the dates indicated. This material is not complete, and the information contained herein may change at any time without notice. Bridge does not have any responsibility to update the material to account for such changes. Bridge has not made any representation or warranty, expressed or implied, with respect to fairness, correctness, accuracy, reasonableness, or completeness of any of the information contained herein, and expressly disclaims any responsibility or liability, therefore. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Investors should make an independent investigation of the information contained herein, including consulting their tax, legal, accounting or other advisors about such information. Bridge does not act for you and is not responsible for providing you with the protections afforded to its clients.

Certain information contained herein may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Any reference to indices, benchmarks, or other measure of relative market performance over a specified period of time are provided for context and for your information only.

All rights to the trademarks and/or logos presented herein belong to their respective owners and Apollo’s use hereof does not imply an affiliation with, or endorsement by, the owners of these logos. This material may contain select images that are provided for illustrative purposes only and may not be representative of assets owned or managed by Bridge. Such images may include digital renderings or stock photos rather than actual photos of assets, residents or communities.

Past performance is not necessarily indicative of future results.

Additional information may be available upon request.

© 2025 Bridge Investment Group Holdings LLC. All Rights Reserved.

ATLWAA-20251009-4875915-15401613