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Reshoring initiative projects annual records

If this year stays on track, then the Reshoring Initiative projects reshoring and foreign direct investment job announcements for 2021 will be over 220,000 — 38% above 2020.

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The pandemic has spurred a national push to strengthen the domestic supply chain, especially for essential products, driving reshoring numbers higher. If the second half of 2021 progresses at the same rate as the first, then the Reshoring Initiative projects that reshoring and foreign direct investment (FDI) job announcements for 2021 will be over 220,000—38% above 2020.

Exhibit 1 | Job Announcements, Projection for 2021 Based on the First Half of 2021

 

 Projected Companies

Projected Jobs

Jobs %

 Reshoring

 1,334

 138,110

 62%

 FDI

 510

 86,103

 38%

 R + RDI

 1,844

 224,213

 100%


According to the Reshoring Initiative’s data report, reshoring job announcements outpaced FDI for the second year in a row — 62% vs. 38%. This is apparently a result of companies focusing on their home market.

Another key takeaway of the data report is that the number of companies reporting new reshoring and FDI is also set for a new annual record: 1,800+ companies. The computer and electronics industry has seen the largest jump in job numbers, which is reportedly due to semiconductor/chip investment. Both PPE and Pharmaceuticals are down from 2020. In addition, the jobs that are coming back in transportation equipment are mostly in electric vehicle battery production.

According to the report, Ohio, Arizona and Tennessee have seen the most job announcements so far this year. Texas has dropped from 2nd in 2020 to 13th in 2021. South Carolina is 11th after years as #1.

“We publish this data semiannually to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” says 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.” Read the full report for more information.

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