The appearance of foreign threats generally strengthens the economy, helping companies and country focus on essential products and actions. 2022 was no exception. Reshoring plus foreign direct investment (FDI) set a new record of 364,000 manufacturing jobs announced, up 53% from 2021鈥檚 record and 60 times from 2010.Amber Thomas, AMT鈥檚 vice president 鈥� advocacy, and Harry Moser, the Reshoring Initiative鈥檚 founder and president, discussed the Initiative鈥檚 2022 data report in this AMT podcast.Competition with China drove the Chips bill and the Inflation Reduction Act (IRA), resulting in hundreds of billions in government incentives to stimulate investment in chips and EV batteries. Many companies are making the same decisions on their own, reducing dependence on Asia in general and China in particular by reshoring or friendshoring.As a result, construction spending for manufacturing facilities reached $108 billion in 2022 鈥� the highest annual total on record. Companies and government are funding local community colleges and universities to recruit and train the needed workforce. It is doable. In Georgia, SK Battery hired 2,600 workers two years ahead of schedule with local, state, and national help.
US Supply Chain Continued to Strengthen in 2022
The federal Chips bill & Inflation Reduction Act aimed to reduce U.S. manufacturing's reliance on Asia, creating 364K domestic manufacturing jobs in 2022. Amber Thomas from AMT & Harry Moser from the Reshoring Initiative discuss friendshoring, reshoring.. Jun 07, 2023
Tagged
Recent advocacy News
Sumitomo Drive Technologies received the 2024 National Metalworking Reshoring Award. The award was given in recognition of their success in bringing manufacturing to the United States through foreign direct investment and to Mexico via nearshoring.
The Reshoring Initiative's 2023 report highlights a robust trend in U.S. manufacturing, with 287,000 jobs announced, driven by essential goods, strategic policies, and responses to global events.
Gain fresh ideas for a more efficient and connected supply chain that boosts profitability. Learn practical strategies from industry leaders at the IMTS 2024 Supply Chain Forum taking place on Wed., Sept. 11.
Is it a good time to make things in the USA? Gather insights on semiconductor manufacturing, reshoring, and tech advancements, uncovering essential strategies for growth and opportunity.
The concept of sustainable manufacturing is rooted in the production of manufactured products through economically-sound processes that minimize waste, with consideration of the three ESG pillars: environment, social and governance.
Similar News
Intelligence
Shipments of cutting tools, measured by the Cutting Tool Market Report compiled in a collaboration between AMT and USCTI, totaled $188.7 million in September 2024. Orders decreased 10% from August 2024 and were down 6.3% from September 2023.
International
Despite signs of improvement in recent months, Europe still faces both short- and long-term challenges. Will the region remain a valuable diversifier for businesses? Current investments suggest it will. For more industry intel and other tidbits, read on.
Advocacy
Can tariffs safeguard American jobs, combat foreign competition, and boost U.S. manufacturing? The incoming president is bringing this hot topic back into political focus. So, what do tariffs mean, are they truly beneficial, and what's AMT's stance?