Not the most elegant word, but a word that I love hearing.
More and more firms are joining the movement of moving the production of their products back to the U.S.
Reshoring is the phenomenon of American firms moving the manufacturing component of their product chain back home. If you have ever read the back of an Apple product it says “Designed by Apple in California. Assembled in China.” Many U.S. firms use members of our extended American family to create, design, and market their products. However, they have offshored the manufacturing or assembly of their products to places like China, Vietnam or Bangladesh. But as recently reported in the Washington Post, experts in this area have concluded that the offshoring phenomenon hopefully has a relatively short shelf life.
The Post article summarized a recent study from the Boston Consulting Group entitled U.S. Manufacturing Nears the Tipping Point: Which Industries, Why, and How Much? The study opines that when the reshoring movement is running at full throttle, “the U.S. economy will add $80 billion to $120 billion in annual output, and 2 million to 3 million new jobs, in direct manufacturing and spin-off employment.” The authors of the study also interviewed executives at 106 U.S.-based companies with annual sales of more than $1 billion. “Thirty-seven percent of them said they were planning to reshore manufacturing operations or ‘actively considering’ the move. Among larger companies with sales of more than $10 billion, the positive response rose to 48 percent.” This is all good news.
We can help accelerate this movement. Contact companies that are currently manufacturing their products abroad and let them know that you would consider those products much more attractive if the products were made by members of our extended American family. Together, we can help support this reshoring movement, thereby creating millions of jobs for people in this country.