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.
Recent advocacy News
More than 500 U.S. manufacturers identify the keys to boosting domestic production: building a skilled workforce, applying total cost of ownership principles, managing costs, and preparing for geopolitical risk.
When a business model works for a century, it’s due to a combination of the strength of its core principles and its ability to adapt to economic, technological, and cultural changes to maintain relevance across multiple generations.
New data reveals OEMs prioritize price, but overlook true sourcing costs. Contract manufacturers say better tools and trained labor are key to restoring U.S. production strength.
The Reshoring Initiative*, in conjunction with the PMA, AMT, NTMA, FMA, and SME is looking to recognize companies for successful reshoring projects.
Sumitomo Drive Technologies received the 2024 National Metalworking Reshoring Award. The award was given in recognition of their success in bringing manufacturing to the United States through foreign direct investment and to Mexico via nearshoring.
Similar News
Technology
How LIFT’s Advanced Metallic Production and Processing Center is reshaping the path from alloy concept to additive-ready powder.
Intelligence
After ploughing through an extended drought of official statistics because of the government shutdown, the Federal Reserve cut interest rates by a quarter point for the third consecutive meeting, landing at a target range of 3.5% to 3.75%.
Intelligence
Despite the increasingly decentralized nature of B2B sales, there's no substitute for the face-to-face trust-building that happens at in-person events. Trade shows like IMTS don't just generate leads – they build your brand long after the show closes.