Manufacturing jobs are continuing to return to the U.S., according to the latest report from the Reshoring Initiative. A record 364,000 reshoring jobs were announced in 2022, up from 238,000 in 2021.
More than 1.6 million have been announced since 2010.
"The underlying trend is driven by the recognition that, in many cases, the total cost of offshoring exceeds that of sourcing domestically," the group says in its annual report, released March 24.
The job total for 2022 includes both reshoring by U.S.-based firms and foreign direct investments by companies outside the U.S. adding regional manufacturing.
That big boost in the number of jobs announced may be hard to duplicate since much of it is linked to federal financial support from initiatives such as the Inflation Reduction Act, Bipartisan Infrastructure Bill and CHIPs Act. However, the trend likely will continue upward, the Reshoring Initiative says.
"We believe that factors further down the list, such as supply chain interruption, proximity to customers and reduced lead time, carry heavier weight in companies' bottom line and their decision to reshore," it said.