January 26, 2021

December eNewsletter 2020 - More than 1 million U.S. jobs added from 2010 to 2020: 1H2020 Reshoring Initiative Data Report

December 2020 E-News: One Million Jobs Added 2010 to 2020

December 2020
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December 2020 E-News: One Million Jobs Added 2010 to 2020

More than 1 million U.S. jobs added from 2010 to 2020: 1H2020 Reshoring Initiative Data Report
Despite the challenges of COVID-19, reshoring is up this year with 110,000 projected job announcements, which will bring the total to more than 1 million between 2010 and 2020. In 2021 and beyond, reshoring will continue to be essential to recovery in manufacturing and the U.S. economy.

More takeaways from the Reshoring Initiative Data Report

  • Because of the pandemic, U.S. reshoring is outpacing FDI for the first time since 2014. In response to uncertainty, companies are emphasizing operations in their home countries.
  • The PPE, medical, tech, and defense industries should benefit most from national demand to shorten supply chains, close gaps for essential products and make the U.S. less vulnerable. Already, 60% of reshoring cases after March 2020 mention the pandemic as a factor in reshoring decisions.
  • Efforts by MEPs, EDOs and states to enable reshoring continue to grow, and the Reshoring Initiative is deeply involved in these efforts. By year’s end, we will be working with 50 or more companies to reshore approximately 100 products. As a measure of corporate interest, the demand for this service in 2020 is more than 20X the rate in 2019. Companies are doing their best to reshore, and we are here to help.
  • Going forward, President Biden will prioritize reshoring highly but apply different methods than President Trump.

For data on individual states, industries, regions and more, read
the full Reshoring Initiative 1H2020 Data Report.

Biden Administration Brings New Approach

Manufacturing Fortunes Mixed Under Biden In this must-read article, Harry Moser offers a comprehensive analysis of what to expect from the incoming administration.

Supply Chains Pivot to Reduce Risk

Preparing for US-China Decoupling
Geopolitical tensions are pushing companies to revisit their global strategies. Learn how companies are rebuilding partnerships, supply chains, products, customer bases and organizations.

White Paper: A Manufacturing Marshall Plan
No industry has been left untouched by the coronavirus pandemic. For manufacturing, this abrupt change in the economy has revealed the negative impact of decades of offshoring, highlighted the opportunity for new manufacturing innovations and shown the need for an Industry 4.0-ready workforce.

Could reshoring help manufacturers survive COVID?
"Reshoring initiatives could mean survival for some industries…Companies that can source and make their products locally might therefore be the ones to emerge from the pandemic less scathed than those that favour sourcing from overseas."

US Steps Up Efforts to Counter China’s Dominance of Minerals Key to Electric Cars, Phones
U.S. government-backed group has invested in a battery-metals firm after Trump signed rare-earths executive order.

What Stanley Black & Decker’s Shenzhen Departure Tells Us
he closure highlights long-standing, ongoing China risks.

Boom and Bust
Video interview with notable sinologist Dr. Eamon McKinney, who predicts an aggressive halt to China's willingness to trade with the U.S.

Transplace Market Update Q4 2020
Ocean freight costs from Asia have doubled since last year.
For more on the topic of supply chains, visit IMTS’s 19-article series Rebuilding and Reshoring, written by Harry Moser, with four articles already posted and the entire series available by early 2021.

Rebalancing the Education System

The economy is changing and, with it, America’s need for postsecondary education and training. This study of a joint college-employer program suggests a four-year degree isn’t the only, or even the best, path to a high salary. FAME apprentice graduates’ pay averages 50% higher than with bachelor’s degrees and equals the earnings of PhDs! Five years after completing the apprenticeship program, these graduates average $96,000/year, whereas the average U.S. bachelor’s degree holder aged 25-65 years earns $64,000 and PhD holders average $98,000.

WSJ: Students in a FAME apprenticeship program in Kentucky operate an integral training system for industrial automation. PHOTO: SCC KY FAME PROGRAM