SARASOTA, Fla. – In 2021, the private and federal push for domestic supply of essential goods propelled reshoring and foreign direct investment (FDI) job announcements to a record 261,000, bringing the total jobs announced since 2010 to more than 1.3 million, according to a new report from the Reshoring Initiative.
For the second year in a row, reshoring exceeded foreign investment by 100%, in contrast to 2014 through 2019 when FDI exceeded reshoring. Additionally, the number of companies reporting reshoring and FDI set a new record of more than 1,800 companies.
The furniture industry came in 10th place for the most jobs reshored, with around 4,400 jobs from 40 companies. Since 2010, the industry’s reshored and FDI jobs amount to more than 85,000.
Other key takeaways:
- Reshoring from Asia is about 10 times that from Western Europe.
- Texas led the other states in jobs announced, followed by Tennessee.
- Preliminary data indicates a continuing surge of reshoring and FDI in 2022.
“Reshoring was the key to U.S. manufacturing and economic recovery in 2021,” said Harry Moser, founder of the Reshoring initiative. “The Biden administration’s actions to fix key supply chains contributed substantially to the 2021 and forecast 2022 results but are short term fixes.
“We publish this data semiannually to show companies that their peers are successfully reshoring and that they should reevaluate their sourcing and siting decisions,” Moser continued. “With 5 million manufacturing jobs still offshore, as measured by our $1.1 trillion/year goods trade deficit, there is potential for much more growth.”