1H 2023 Reshoring + foreign direct investment (FDI) job announcements continued their record-breaking run. 1H2023 announcements were in line with 2022’s record rate. We expect to see upwards of 300,000 jobs announced by year-end. EV battery and chip investments along with other essential product industries supported by Bidenomics account for the bulk of the announcements.
Several factors have come to light that substantiate the strength of U.S. reshoring and FDI trends. 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. 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.
About the Report
The Reshoring Initiative’s 1H 2023 Report contains data on U.S. reshoring and FDI by companies that have shifted production or sourcing from offshore to the United States.
“We publish this data to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” said Harry Moser, founder and president of the Reshoring Initiative. “With 5 million manufacturing jobs still offshore, as measured by our $1.2 trillion/year goods trade deficit, there is potential for much more growth. We also call on the administration and Congress to enact policy changes to make the United States competitive again.”
About the Reshoring Initiative
A 55-year manufacturing industry veteran and retired President of GF Machining Solutions, Harry Moser founded the Reshoring Initiative to move lost jobs back to the U.S. He was named to the Industry Week and Association for Manufacturing Excellence (AME) Halls of Fame for his efforts with the Reshoring Initiative. Additional information on the Reshoring Initiative and its many sponsoring associations and companies is available at www.reshorenow.org.
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