The latest Reshoring Initiative statistics released
Hubbbardton Forge of Casteleton, Vermont, which specializes in making light fixtures. Zentech Manufacturing of Milford Mill, MD (Baltimore Metro area), which reshored from sources in Asia. These are just a couple of the hundreds of companies cited by the Reshoring Initiative as moving aspects of their operations back home to enormous benefit.
The latest statistics have been released from the Sarasota, FL-based association with a focus on bringing jobs back to the United States from overseas. The November 30th TRI report (available in its entirety here) contends that 1H 2023 Reshoring + foreign direct investment (FDI) job announcements "continued their record-breaking run" in 2023.
Hubbardton Forge of Casteleton, Vermont is one of many companies cited as a valuable example by the Reshoring Initiative.—Hubbardton Forge photo
1H2023 announcements were in line with 2022’s record rate, the report continued. "We expect to see upwards of 300,000 jobs announced by year-end." The report also expressed an impact of recent governmental policy: "EV battery and chip investments along with other essential product industries supported by [recent policies] account for the bulk of the announcements."
TRI cites several factors that have come to light to substantiate the strength of U.S. reshoring and FDI trends. First off, in the first quarter of this year, average spending on U.S. factory construction was more than double the average from the past 17 years. Reshoring Initiative data parallels the magnitude and focus of the construction investments. Independently conducted surveys on reshoring actions by U.S. companies also correlate very closely with Reshoring Initiative data on jobs announced over the past 12 years (Exhibit 1) adding validity to both data sets.
"Reshoring and FDI job numbers demonstrate exceptional progress for U.S. manufacturing after decades of offshoring," the summary concludes. "If this progress can be combined with an industrial policy that supports greater cost competitiveness, we will continue our rapid strengthening of U.S. supply chains."
Read more at Reshoring Initiative 1H2023 Report.