Global corporate capex is set to surge in 2021, rising 13%. All regions will see growth, all broad sectors, and almost all industry groups. Semiconductors, retail, software, and transportation are increasing capex the most. Europe will see its best year since 2006. Capex proved resilient to COVID-19. While overall capex contracted 6% resembling 2009’s GFC-affected decline, much of this was down to sharp commodity capex cuts. Excluding energy and materials, capex is set for a record high in 2021, growing 15% to $2.8 trillion from $2.5 trillion in 2020. On this basis, 2020 capex fell just 2%. Sixteen out of 20 industry groups will spend more in 2021 than pre-pandemic. This resilience reflects Asia-Pacific’s better handling of the pandemic, the impact of government support, and growth drivers such as digitization and the energy transition Ongoing economic recovery should sustain capex momentum, augmented by powerful policy encouragement for infrastructure and climate-related spending.