U.S. companies are bringing jobs back to America at a record pace, according to estimates from the Reshoring Initiative, a nonprofit that tracks the number of reshoring announcements and foreign direct investments in U.S. jobs, reported The Wall Street Journal.
American companies are on pace to reshore nearly 350,000 jobs this year, the highest number on record since the Reshoring Initiative started tracking the data in 2010.
The COVID-19 pandemic made painfully clear how dependent the U.S. was on global supply chains — a problem that pushed many executives to change their approach and manufacturing location.
Rising tensions with China have added to that urgency, along with Russia's invasion of Ukraine, and incentives from the U.S. government have also been fruitful. This month, lawmakers passed the Chips and Science Act and the Inflation Reduction Act, bills that provide tax breaks and other incentives for companies that build and invest in domestic manufacturing centers for goods such as semiconductors, pharmaceuticals and electric vehicles.
China, Mexico and Canada accounted for three-quarters of reshored jobs between 2010 and 2021, according to the Reshoring Initiative, with 44% coming from China. U.S. companies reshored just 265,000 jobs in 2021 and 6,000 in 2010.
According to the National Institute of Standards and Technology, the top industries reshoring back to the U.S. are transportation equipment, computer and electronic products, electrical equipment, appliances and components, chemicals, plastic and rubber products, medical equipment and supplies, and apparel and textiles.
Bringing manufacturing jobs back to the U.S. was a major theme of former President Donald Trump. Since the pandemic began, efforts to reshore have accelerated.
"We think it'll be a long-term trend," Jill Carey Hall, U.S. equity strategist at Bank of America Corp., told The Journal. "Before Covid there was ... a little uptick, but obviously Covid was one big trend and you’ve seen a continued big jump up this year."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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