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Civilian factories are used when you trade with other nations for oil/steel/rubber etc. Also they are used when constructing factories/infrastructure airbases etc so the more you have not being used for trade the faster your build time is.
Military factories are used to produce equipment like tanks, rifles, planes etc. The more military factories you assign to a specific equipment build the faster it will produce said equipment.
Once you hit 45 CivFacts you can work on 3 projects full time, then when you get a 46th you can work on a 4th project 1/15 time.
And yes, as Grief says, look into Industrial Tech. And National Focuses.
Compare to 3000 for infrastructure (which can also provide you resources now), 1250 for an airbase, or 3375 for radar (once you unlock it)
Each factory outputs 5 "factory power", but keep in mind that it's never actually 5 "factory power" because there are a ton of other factors that immediately boost it - trade law, for example.
Furthermore your focus tree generally has a bunch of factories you can get without focusing your civ factories on it.
civilian factories build literally everything in the Constructions screen. They also do repairs if they need to, and work on converting military factories into civilian ones and vice versa
Military factories produce everything under the Equipment screen, so all your infantry equipment, tanks, planes, and trucks. Ships are produced by dockyards instead.
I would say the same applies to military factories, personally - lots of focus trees give you factories.
Infrastructure seems like a good buy, and synthetic refineries are now actually somewhat viable (they weren't pre-WTT). Low level forts are reasonably cheap, though level 6 forts cost (collectively) about as much as a civilian factory.
Upgrading naval bases isn't a bad idea if you're going heavy into navy.