A Commerce Department report released two weeks ago showed capital spending plans rose 2.1% in May from April, and was 18.4% above its level a year ago. And despite jitters that some measure of economic recovery has slowed, The Wall Street Journal reports that companies including 3M and Cummins have stepped up equipment and manufacturing spending in anticipation of increased demand. 3M will spend an additional $3 billion on manufacturing this year, including a new Singapore plant to make films for solar panels.

Racing news: The NASCAR Hall of Fame has revealed the 25 nominees for the 2011 class, of which 20 are repeats from 2010; Earnhardt Childress Racing Engines has worked out an agreement to supply engines to the No. 99 Gainsco Daytona Prototype Grand Am Rolex Series team; Will Power put an end to the “Penske Curse” at Watkins Glen (New York) International Sunday, giving car owner Roger Penske his first IZOD IndyCar Series triumph at the historic facility; and more.

Through a reorganization and sale of its diesel OEM business, Holley Performance Products has emerged from Chapter 11 and reduced its debt by more than $59 million.

This Friday, industry professionals and enthusiasts across the country will gather tocelebrate collector cars. The U.S. Senate declared July 9, 2010, as “Collector Car Appreciation Day” when it passed Senate Resolution 513(S. Res. 513) at the request of SEMA and the Automotive RestorationMarket Organization (ARMO) council.

News and updates from SEMA's council and committees.

Local Motors will conduct an open house of its micro-factory facility in Chandler, Arizona, on July 31, 2010, 6:30 p.m.–9:30 p.m. The evening will feature a tour of the facility, a demonstration of the Rally Fighter car, live music and a car show. RSVP Here.

SEMA Cares Chairman Joel Ayres out to prove that even truck accessory guys can race.

NHRA news: Greg Anderson wins first race of season, takes $25K in K&N Horsepower Challenge; Larry Dixon grabs seventh win; Schumacher up for best driver ESPY; and more.