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Reshoring, FDI Reach Record High in U.S. in 2018, Report Says
SARASOTA, Fla.–A record number of companies reported new reshoring and foreign direct investment (FDI) in the United States in 2018, a combination that created 145,000 jobs, according to a report by the Reshoring Initiative.
The Reshoring Initiative’s 2018 Reshoring Report, released in May, stated that 1,389 companies reported either new reshoring–bringing manufacturing back to the U.S. from offshore locales–or foreign direct investment. This number represents a 38 percent increase from 2017, according to the Reshoring Initiative. The report also stated that since 2010, which marked a low in U.S. manufacturing employment, the U.S. has gained more than 757,000 manufacturing jobs from offshore. This includes upward revisions, totaling 36,000 jobs, of new job announcements made in prior years.
The Reshoring Initiative (www.reshorenow.org) attributes the increases largely to greater U.S. competitiveness resulting from corporate tax and regulatory cuts. As it has in recent years, FDI continued to outpace reshoring in total jobs added, but reshoring has closed most of the gap since 2015, the Initiative said.
The Reshoring Initiative’s 2018 Reshoring Report contains data on U.S. reshoring and FDI by companies that have shifted production or sourcing from offshore to the United States. The report includes cumulative data from 2010 through 2018, as well as projections for 2019. The numbers demonstrate that reshoring and FDI are major contributing factors to the country’s rebounding manufacturing sector.
“We publish this data annually to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” said Harry Moser, founder and president of the Reshoring Initiative, in a statement. “With 5 million manufacturing jobs still offshore, as measured by our $800 billion per year goods trade deficit, there is potential for much more growth.”
Allowing for a two-year lag from announcement to hire, the cumulative announcements since 2010 have driven 31 percent of the total increase in U.S. manufacturing jobs during that period and 3.3 percent of the total 2018 manufacturing employment of 12.8 million, according to the Reshoring Initiative.
“We call on the administration and Congress to enact policy changes to make the United States competitive again,” Moser added. “Our Competitiveness Toolkit is available to help quantify the impact of policy alternatives, including a stronger skilled workforce, continued corporate tax and regulatory reductions, as well as a lower U.S. dollar.”
More information on the Reshoring Initiative’s Competitiveness Toolkit can be found here:
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