US Supply Chain Continued to Strengthen in 2022

The appearance of foreign threats generally strengthens the economy, helping companies and country focus on essential products and actions. 2022 was no exception. Reshoring plus foreign direct investment (FDI) set a new record of 364,000 manufacturing jobs announced, up 53% from 2021’s record and 60 times from 2010.Amber Thomas, AMT’s vice president – advocacy, and Harry Moser, the Reshoring Initiative’s founder and president, discussed the Initiative’s 2022 data report in this AMT podcast.Competition with China drove the Chips bill and the Inflation Reduction Act (IRA), resulting in hundreds of billions in government incentives to stimulate investment in chips and EV batteries. Many companies are making the same decisions on their own, reducing dependence on Asia in general and China in particular by reshoring or friendshoring.As a result, construction spending for manufacturing facilities reached $108 billion in 2022 – the highest annual total on record. Companies and government are funding local community colleges and universities to recruit and train the needed workforce. It is doable. In Georgia, SK Battery hired 2,600 workers two years ahead of schedule with local, state, and national help.