Numbers continue to climb for businesses returning to US
Reshoring + FDI job announcements in 2022 were at the highest rate ever recorded, the Reshoring Initiative reported this week, saying that 4Q announcements accelerated even more than anticipated due to the Chips and Infrastructure Acts and deglobalization trends. Top takeaways:
· 364,000 reshoring + FDI jobs announced for 2022, up 53% from 2021’s record.
· 2022 brought the total number of job announcements since 2010 to nearly 1.6 million.
· EV batteries make Electrical Equipment the top industry.
· With the IRA, Chips Act, and Infrastructure Bill, the U.S. Government is finally warming up to an industrial policy, though a more comprehensive plan could be achieved at a lower cost.
"Supply chain gaps and the need for greater self-sufficiency set the stage for the current upward trend in reshoring," according to the report, which adds that "the risks of a Taiwan-China conflict or China voluntarily decoupling are focusing those concerns."
“The current actions and momentum are a great start. A true industrial policy would accelerate the trend and increase U.S. manufacturing by 40%, 5 million jobs. Reshoring will reduce the trade and budget deficits and make the U.S. safer, more self-reliant and resilient,” said Harry Moser, Founder and President of the Reshoring Initiative.
Reshoring indicates progress in the eyes of this organization.—Reshoring Initiative photo
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