RESHORING INITIATIVE GOALS AND ACCOMPLISHMENTS
1. Goals:
Our #1 goal is to balance the $500 billion/year trade deficit, thus bringing back four million manufacturing jobs to the U.S.
2. Impact:
Reshoring plus foreign direct investment (FDI) are making a big difference. Reshoring has come a long way in the last six years, going from an obscure trickle to a mainstream business strategy. Over 338,000 manufacturing jobs have been brought to the U.S. from offshore since 2010 by reshoring and FDI which are motivated by a shared objective: the financial advantages the company achieves by producing near the consumer. Together they represent about 32% of the 805,000 increase in U.S. manufacturing jobs since the manufacturing employment low of 11.45 million in February 2010. In fact, our research shows that more new manufacturing work is now coming to the U.S. as is leaving the country each year. In comparison, in 2000-2007 the United States lost net about 200,000 manufacturing jobs per year to offshoring.
3. Free online Resources:
Total Cost of Ownership Estimator®: The only recognized and publicly available tool used by companies to decide on reshoring or offshoring. Linked from U.S. Commerce Department and International Economic Development Council sites. Reshoring Library: 4.000+ articles about reshoring and FDI. The Library is the nation’s only source of data on the reshoring trend. It is sortable by company, industry, country, state and reason. Resources for Retail Suppliers: Linked from Walmart’s JUMP (Jobs in U.S. Manufacturing Portal) site. Direct, personal access to 35 manufacturing trade associations, companies, banks, U.S. Commerce Department offices and other groups. Each group has assigned dedicated resources to help companies develop and implement plans to produce or source more domestically produced goods. Programs: Economic Development and Skilled Workforce
4. Key Accomplishments:
Total Cost of Ownership Estimator® users: Over 2,000 - The TCO Estimator has helped many companies identify production to reshore or source in the U.S. For example, Morey Corp. used the TCO Estimator to save a $60 million order vs. a lower priced Chinese competitor. * Partnered in federal reshoring programs in Pennsylvania and Mississippi Mississippi program: jobs created 320; jobs saved 13; investment $41 million Participated in the White House Jan. 11, 2012 Insourcing Forum with Pres. Obama Testified on reshoring to Congress Articles written: 100+ Quoted in the media: 1,000’s Interviews: WSJ, Washington Post, NYT, USAToday, Business Week, Forbes, New Yorker, NPR, PBS, NBC, MarketWatch, Fox Business, etc. Presented at over 500 events Won the Jan 2013 The Economist online written debate on reshoring and offshoring. Inducted into the Industry Week Manufacturing Hall of Fame 2010 Quality Magazine’s Quality Professional of the year for 2012 Manufacturing Leadership Council’s Industry Advocacy Award in 2014 Convinced the U.S. Bureau of Labor Statistics to revise a key website to be more supportive of skills careers Recognized as an industry expert by the U.S. Department of Commerce * "
The Morey Corporation was in pursuit of a large electronics build opportunity - $15+ million per year over 4 years. In the process we needed to perform an offshore vs. onshore analysis. We used the TCO calculator from Harry Moser and the Reshoring Initiative. This tool framed the costs and risks of both options and was a crucial piece to our winning strategy." - Tony Woodall, VP of Sales
5. Social Media
Reshoring Initiative LinkedIn Group members: 1,547 Twitter followers: @Reshoring Initiative 2,442; @HarryMoser 1,947; @SandyMontalbano 1,321 Facebook followers: 1156 Unique website visitors: 36,000+/year HM 05/30/17
