The president has ordered a hardware-based manufacturing strategy that has led to an estimated $9.4 billion in cost overruns, according to the Office of Management and Budget.
The new strategy, announced last month, includes $3 billion in “reform, cost sharing, and efficiency savings” to ensure that all equipment can be made in a way that saves taxpayers money, the OMB said in a report.
The White House also released a statement Thursday morning saying the administration’s “hardware-driven industrial strategy” is helping to create jobs.
The plan will allow the U.S. to meet its 2025 energy-efficiency and sustainability goals, it said.
But it also includes $1.2 billion in additional savings on the manufacturing side.
The Obama administration has made strides in manufacturing in recent years.
The president announced plans for manufacturing companies in September that would create jobs in the aerospace industry, with a focus on aerospace manufacturing.
The first contract awarded to the company will be awarded in March, according the administration.
The other contract awards are expected to be awarded this year, the White House said.
The Office of Administration for Business and Economic Affairs (OADE) released a report in October estimating that the plan would cost $938 million, with the government receiving about $5.3 billion.
The OADE report did not say how much the plan will cost, but said the government will receive a $500 million grant from the Treasury Department.
The cost of the plan was determined using assumptions that were included in the ODEA report, which was issued in October.
The program is aimed at creating 1 million jobs in manufacturing and technology sectors.
ODE, which provides guidance to the administration, said it was confident in the plan’s economic impacts.
The report said the cost of manufacturing is higher than the average for advanced economies.
But the White, House, and ODE have also said that the goal is to create 1 million manufacturing jobs in 2023, when President Donald Trump is expected to run for re-election.
The government will pay for the manufacturing of the aircraft, which is expected create thousands of jobs in aerospace manufacturing and the aviation and marine industries.
In August, the Obama administration announced that the White house was launching a program to encourage American companies to create more jobs in American manufacturing.
Obama’s Manufacturing Jobs Initiative has helped increase manufacturing jobs by 1 million, according ODE.
The administration’s Manufacturing Job Investment Act of 2018 includes an additional $1 billion for manufacturing research and development and $200 million to support new U.A.E. investments in manufacturing, ODE said.