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US Supply Chain Continued to Strengthen in 2022

The federal Chips bill & Inflation Reduction Act aimed to reduce U.S. manufacturing's reliance on Asia, creating 364K domestic manufacturing jobs in 2022. Amber Thomas from AMT & Harry Moser from the Reshoring Initiative discuss friendshoring, reshoring..
Jun 07, 2023

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.

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Author
Amber Thomas
Vice President, Advocacy
Recent advocacy News
What specific factors are strengthening manufacturing and reducing U.S. reliance on imports? Harry Moser, founder and president of the Reshoring Initiative examines the reasons.
Reshoring and foreign direct investment (FDI) in manufacturing job announcements are continuing at a record pace, adding 101,500 jobs in the first quarter of 2023.
Hobson & Motzer, a Connecticut based precision machining and assembly contract manufacturer specializing in the medical device industry received the 2023 National Metalworking Reshoring Award.
The Reshoring Initiative*, in conjunction with the PMA, AMT, NTMA, and SME is looking to recognize companies for successful reshoring projects.
Supply chain experts share their outlook as North American companies accelerate reshoring and foreign direct investment while abnormally low interest rates are being raised to control inflation.
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