Essential Product Industries Drive Job Announcements to Record High

In 2021, the private and federal push for domestic supply of essential goods propelled reshoring and foreign direct investment (FDI) job announcements to a record 261,000, bringing the total jobs announced since 2010 to over 1.3 million, according to The Reshoring Initiative.

For the second year in a row, reshoring exceeded FDI by 100%, in contrast to 2014 through 2019 when FDI exceeded reshoring. What’s more is, the number of companies reporting reshoring and FDI set a new record of over 1,800 companies, which is key to U.S. manufacturing and economic recovery.

From The Reshoring Initiative:

• The year-over-year increase is due almost exclusively to companies filling supplying chain gaps of essential products such as electric batteries, semiconductors, PPE, pharmaceuticals, rare earths and renewable energy.
• The computer and electronics industry has seen the largest jump in percentage of jobs due to semiconductor/chip investment. 
• Reshoring from Asia is about 10 times that from Western Europe.
• Texas led the other states in jobs announced, followed by Tennessee.
• Preliminary data indicates a continuing surge of reshoring and FDI in 2022.