One Million Reshoring Jobs Added 2010 to 2020
More than 1 million U.S. jobs added from 2010 to 2020: 1H2020 Reshoring Initiative Data Report
Despite the challenges of COVID-19, reshoring is up this year with 110,000 projected job announcements, which will bring the total to more than 1 million between 2010 and 2020. In 2021 and beyond, reshoring will continue to be essential to recovery in manufacturing and the U.S. economy.
More takeaways from the Reshoring Initiative Data Report
· Because of the pandemic, U.S. reshoring is outpacing FDI for the first time since 2014. In response to uncertainty, companies are emphasizing operations in their home countries.
· The PPE, medical, tech, and defense industries should benefit most from national demand to shorten supply chains, close gaps for essential products and make the U.S. less vulnerable. Already, 60% of reshoring cases after March 2020 mention the pandemic as a factor in reshoring decisions.
· Efforts by MEPs, EDOs and states to enable reshoring continue to grow, and the Reshoring Initiative is deeply involved in these efforts. By year’s end, we will be working with 50 or more companies to reshore approximately 100 products. As a measure of corporate interest, the demand for this service in 2020 is more than 20X the rate in 2019. Companies are doing their best to reshore, and we are here to help.
· Going forward, Joe Biden will prioritize reshoring highly but apply different methods than President Trump.
For data on individual states, industries, regions and more, read the full Reshoring Initiative 1H2020 Data Report at https://www.reshorenow.org.