According to a new Oxford Economics analysis, while firms make record profits, big businesses have been investing more in upgrades this year than at any time prior to the pandemic.

According to Lydia Boussour, head U.S. economist, capital expenditures had staged a “historic resurgence” since the commencement of the COVID crisis, eclipsing a prior pre-pandemic record by 1.4 percent in the second quarter of this year.