SARASOTA, Fla. – Reshoring + FDI manufacturing job announcements are continuing to outpace recent records, adding 101,500 jobs in the first quarter, according to the Reshoring Initiative’s 2023 Q1 Data Report.
- 2023 Q1 reshoring + FDI jobs announced are up 11% from 2022.
- If the current rate continues, reshoring and FDI will total over 400,000 jobs in 2023.
- Electrical Equipment remains the top industry due to continuing large investments in EV batteries. The industry moved from 42% of total jobs announced in 2022 to 47% in 2023 Q1.
Supply chain gaps and the need for greater self-sufficiency set the stage for the current upward trend in reshoring. The risks of a Taiwan-China conflict or China voluntarily decoupling are focusing those concerns. Destabilizing geopolitical and climate forces have brought to light our vulnerabilities and the need to address them.
The White House responded with the Inflation Reduction Act, Chips Act and Infrastructure Bill, offering some direction and financial security to the companies and industries intent on filling the gaps. These government actions are necessary in the short run but are not sufficient since they do not improve the U.S.’ uncompetitive cost structure. A true industrial policy would level the cost playing field via comprehensive actions such as massive skilled workforce investments, a 25% lower USD and retention of immediate expensing of capital investments.
“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 & president of the Reshoring Initiative.
About the Report
The Reshoring Initiative’s 2023 Q1 Data 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 quarterly to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” said Moser. “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.”
Source: Reshoring Initiative
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