Artem - stock.adobe.com
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.
