The Reshoring Initiative 2023 Annual Report has just been released
Reshoring + foreign direct investment (FDI) job announcements in 2023 continued to climb, adding 287,000 jobs, the second-highest year on record. EV batteries, semiconductor chips, and solar – all essential goods supported by U.S. industrial policies, account for 39% of the job announcements.
Trend Highlights:
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Significant growth has been noted in “essential” industries supported by government subsidies.
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As government subsidies run out, new reshoring and FDI announcements are slowing. Future progress will depend on new policies that make U.S. manufacturing cost competitive, rather than subsidize specific industries.
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Geopolitical Risk is a top driving force in the reshoring and FDI trends.
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Skilled workforce is another top factor. The success or failure of training millions of workers could skew the outcome of the current reindustrialization momentum, in either direction.
Reshoring Initiative 2023 Annual Report: Geopolitical Risk and Industrial Policy Drive Reshoring and FDI Announcements
