#51 – Inside Our Industry – Reshoring Could Drive $443 Billion in U.S. Economic OpportunityPosted on
Another positive report for the manufacturing industry. Reshoring has been top-of-mind for many manufacturers as they seek ways to shore up their supply chains.
Reshoring Could Drive $443 Billion in U.S. Economic Opportunity
Tony Uphoff | thomasnet.com | June 7, 2021
There’s been a lot of discussion lately around the surge in reshoring as North American businesses shift back to domestic production and operations in the wake of COVID-19-related supply chain impacts. But reshoring is often discussed through intangibles, without a concrete figure to ascertain the true value of this shift back to American manufacturing.
Last week, our team released the Thomas 2021 State of North American Manufacturing Annual Report, which revealed insights from our latest survey canvassing the North American manufacturing and industrial sectors.
According to the report, 83% of North American manufacturers are likely or extremely likely to reshore production, which is an increase from the 54% of respondents who said they planned to reshore back in March 2020. In particular, the automotive and oil & gas sectors were the most motivated verticals with plans to add North American suppliers to their supply chains.
Another key takeaway from the Annual Report is that this shift toward reshoring will lead to a massive amount of economic opportunity in the U.S., with the potential to drive $443 billion in economic value over the next 12 months.