CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

U.S. reshoring announcements continue their record pace

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More than 300,000 jobs are expected to be announced by year-end due to reshoring to the U.S. and direct foreign investment. PHOTO courtesy PRIMA Power.

U.S. reshoring and foreign direct investment (FDI) job announcements continued their record-breaking run during the first half of the year, according to a report from the Reshoring Initiative.

Announcements from the first half of 2023 were in line with 2022’s record rate. Upwards of 300,000 jobs are expected to be 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,” states a release from the Reshoring Initiative.

“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.”

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