Reshoring, or the bringing back of jobs to the U.S. from overseas, has surged to a record high, according to the Reshoring Initiative.
"Despite COVID, reshoring numbers were up in 2020," the RI writes in its June report. "Reshoring and foreign direct investment (FDI) job announcements for 2020 were 160,649, bringing the total jobs announced since 2010 to over 1 million (1,057,054).
Foreign direct investment is when someone from outside of the U.S. invests in an American business.
"In 2020 U.S. reshoring set a record of 109,000 jobs and outpaced FDI for the first time since 2013. COVID uncertainty has resulted in companies emphasizing operations in their home countries. We anticipate 2021 reshoring + FDI job announcements to be near 200,000, up by at least 25%.
“We publish this data annually to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” said Harry Moser, founder and president of the Reshoring Initiative. “With 5 million manufacturing jobs still offshore, as measured by our $900 billion/year goods trade deficit, there is potential for much more growth. We call on the administration and Congress to enact policy changes to make the United States competitive again."
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