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 high, according to the Reshoring Initiative. Projections from the Reshoring Initiative’s first-half 2022 data show reshoring and FDI continuing these gains. The current 2022 projection of jobs announced is around 350,000, which is another record and up from 260,000 in 2021. If the projection is achieved, 2022 will bring the total jobs announced since 2010 to over 1.6 million.
According to the report, the continuing upward trend is due almost exclusively to companies filling supply-chain gaps of essential products, including electric batteries, semiconductors, PPE, pharmaceuticals, rare earths and renewable energy. So far, the top three states by jobs announced are Kentucky, North Carolina and Georgia.
If you want to learn more about these first-half numbers, Reed Miller recently sat down with the Reshoring Initiative’s Harry Moser for a discussion. Click here to listen to this podcast. If you would like to read Moser's August article, "Reshoring Can Ease Inflation Pressures," click here.