WASHINGTON — The past several years have been marred by turbulent economic times for the United States, with the COVID-19 pandemic, stubborn inflation, and high interest rates threatening Americans’ economic well-being. Despite these headwinds, some companies continue to show their faith in America’s future by making significant capital expenditures. The Progressive Policy Institute (PPI) yesterday released its annual report, titled “Investment Heroes 2024: Faith in the Future,” highlighting the top 25 companies with the highest capital expenditures in the United States for 2023.
For the fifth year in a row, Amazon leads the list, investing an estimated $36.8 billion in the U.S. in 2023. This brings Amazon’s total investment in the U.S. to $183 billion since 2019. Such substantial spending has not only created hundreds of thousands of jobs but has also helped hold down consumer price increases.
“From 2021 until 2023, the first three years of the Biden-Harris administration, PPI’s Investment Heroes invested more than $900 billion in the U.S. economy. That’s nearly 40% more than the comparable total in the first three years of the Trump-Pence administration,” said Michael Mandel, Vice President and Chief Economist at PPI. “This massive surge in capital spending has been a critical driver of job creation and economic growth.”
In second place is Alphabet, with an estimated $24.5 billion in domestic capital spending in 2023. It is followed by Meta, AT&T, Verizon, Walmart, Intel, Microsoft, Comcast, and Duke Energy, rounding out the top ten.
Top Ten Investment Heroes of 2024:
1. Amazon – $36.8 billion
2. Alphabet – $24.5 billion
3. Meta Platforms – $24.2 billion
4. AT&T – $22.9 billion
5. Verizon Communications – $20.1 billion
6. Walmart – $17.7 billion
7. Intel – $16.1 billion
8. Microsoft – $15.4 billion
9. Comcast – $13.5 billion
10. Duke Energy – $12.6 billion
Top 25 Investment Heroes of 2024:
11. Chevron – $11.7 billion
12. Charter Communications – $11.1 billion
13. ExxonMobil – $10.8 billion
14. Dominion Energy – $10.2 billion
15. PG&E – $9.7 billion
16. Apple – $8.9 billion
17. ConocoPhillips – $8.2 billion
18. Oracle – $7.7 billion
19. General Motors – $7.6 billion
20. Tesla – $7.5 billion
21. ExxonMobil – $7.4 billion
22. United Airlines Holdings – $7.2 billion
23. FedEx – $5.7 billion
24. Occidental Petroleum – $5.4 billion
25. Delta Air Lines – $5.3 billion
This year’s top 25 Investment Heroes invested a record $328.3 billion in the United States in 2023, up 1.3% compared to 2022. The growth of domestic capital expenditures by PPI’s Investment Heroes has outpaced the overall growth of U.S. nonresidential investment. Since 2019, domestic capital expenditures by PPI’s Investment Heroes has risen by 34.8%, compared to a 24.2% increase in total nonresidential investment over the same period.
“Our report showcases how leading companies are committing substantial resources to the U.S. economy, driving innovation, job creation, and long-term growth,” said Andrew Fung, co-author of the report. “These investments are vital for maintaining America’s competitive edge and ensuring economic stability.”
PPI’s Investment Heroes report emphasizes the critical role of capital expenditures in powering job creation and economic growth. The U.S. economy continues to outperform its industrialized peers, thanks in significant part to the domestic investments made by the companies on this year’s list. Furthermore, these investments help hold down price increases over the long term, particularly in sectors like e-commerce, broadband, data processing and wireless, where high investment correlates with lower long-term inflation.
Read and download the report here.
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org. Find an expert at PPI and follow us on Twitter.
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Media Contact: Ian O’Keefe – iokeefe@ppionline.org
