The industrial sector showed strength during the third quarter of 2022. This was primarily because of easing restrictions and growing demand for industrial goods in various sectors. Industrial production increased 3.3% year-over-year in October, despite labor shortages, supply chain constraints, and soaring inflation.
Furthermore, growing government investments are expected to boost the sector’s growth. A year ago, President Biden signed the Bipartisan Infrastructure Law with the promise to restore airports, roads, and bridges and has already funded over $185 billion for over 6,900 projects. The law also promises to allocate $8 billion for the Infrastructure for Rebuilding America (INFRA) program in the next five years.
