U.S. companies are bringing workforces and supply chains home at a historic pace.
American companies are on pace to reshore, or return to the U.S., nearly 350,000 jobs this year, according to a report published Friday by the Reshoring Initiative. That would be the highest number on record since the group began tracking the data in 2010. The Reshoring Initiative lobbies for bringing manufacturing jobs back to the U.S.
Over the past month, dozens of companies have said they had plans to build new factories or start new manufacturing projects in the U.S. Idaho-based Micron Technology Inc. announced a $40 billion expansion of its current headquarters and investments in memory manufacturing. Ascend Elements said it would build a $1 billion lithium-ion battery materials facility in Kentucky. South Korean conglomerate SK Group said it would invest $22 billion in a new packaging facility, electric vehicle charging systems, and hydrogen production in Kentucky and Tennessee.
“We think it’ll be a long-term trend,” said Jill Carey Hall, U.S. equity strategist at Bank of America Corp. ”Before Covid there was…a little uptick but obviously Covid was one big trend and you’ve seen a continued big jump up this year.”
Read more in the Wall Street Journal.