Today, the Progressive Policy Institute (PPI) released its annual report “Investment Heroes 2023.” The report, published annually since 2012, analyzes publicly available data to identify the top 25 U.S. companies investing in America, powering job growth, and raising living standards. The theme of this year’s Investment Heroes report is the recovery of U.S. capital investment from the shock of the COVID-19 pandemic and the benefits these investments provide to workers.
Eight of the top 10 companies on this year’s ranking are in the technology, broadband, or ecommerce industries, with Amazon leading the list, investing $46.5 billion in the United States in 2022. Report authors, Dr. Michael Mandel, Vice President and Chief Economist at PPI, and Jordan Shapiro, Director of the Innovation Frontier Project at PPI, analyzed capital spending in “high-investment” sectors and compared the spending levels for the same companies in 2019. Their analysis found that the great majority of companies on the Investment Heroes list have high and growing levels of domestic capital investment, compared to before the pandemic.
“Since our first Investment Heroes report in 2012, the companies featured on the list have drastically changed. Back then, only one out of the top 10 companies was in the tech/internet sector. Fast forward to 2022, and we’ve seen new companies rise to the top of the list because of innovation and growth,” said Dr. Michael Mandel. “The dramatic evolution of the Investment Heroes list shows the ever-changing competitive nature of the U.S. economy.”
PPI’s analysis found that capital investment is associated with massive job creation. Between 2019-2022, our high-investment sectors added 1.3 million net new jobs, more than the entire rest of the private sector put together. Not only that, but many companies are investing back into training and education for their employees and new workers.
“The 2023 Investment Heroes list and analysis show it is important to recognize not only what companies are investing in America, but also what companies are investing in workers,” said Jordan Shapiro.
The 2023 top nonfinancial companies by estimated U.S. capital expenditure:
Read and download the full report here.
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C., with offices in Brussels, Berlin, and the United Kingdom. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org.
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Media Contact: Amelia Fox, afox@ppionline.org
