Java Generics and Static Factory Methods -- Syntax

Here's what I've got:

public class Node<T> {

    // instance variables
    private Node<T> next;
    private T data;

    // construct with data
    private Node(T data){
        next = null;
        this.data = data;
    }

    // construct without data
    private Node(){
        next = null;
        this.data = null;
    }

    // static factory method
    public static <T> Node<T> newNodeWithData(T data){
        return new Node<T>(data);
    }

    // static factory method
    public static <T> Node<T> newNode(){
        return new Node<T>();
    }
...
}

My question really just about the syntax of generics coupled with that of a static factory method. I don't really understand why we put the < T > before the return type in the method declaration. Is it kind of like typecasting? Any help would be much appreciated!