It’s one thing for us to talk about reshoring, and it’s another thing entirely to really start to see reshoring in action.
And as it turns out, the latter is exactly what we’re starting to see now.
A new survey by Boston Consulting Group, published today, shows a big jump “in the number of companies considering ‘reshoring’ production from China, once favored for its low costs.”
Here are a few key facts from the new survey, adapted from an article in CNN:
- Most large U.S. companies now plan to move some production to America from China, or are “actively considering” the move
- The number of firms that have shifted manufacturing to the U.S. from China, or will do so in the next two years, has nearly doubled over the past 18 months
- The three main drivers of the trend are labor costs, product quality and a desire to be closer to customers
So we’re not talking small changes in reshoring here–we’re talking about the number of companies coming back to the U.S. doubling in the past 18 months. And it’s hard to argue with those kinds of numbers.
Amongst the companies making the move back to America are Motorola and Apple–though they’re far from the only ones who are moving back to the United States from China. And with more companies making the jump, we’re likely to see good changes in the manufacturing industry here at home, where increased production and more investment should help with a positive outlook.
This news shows that we’re not just talking hypotheticals anymore–we’re talking good, strong results. The more companies that come back to America, the better. And the more investment there is into the future of manufacturing, the more job opportunities young people will have in the industry.
What more could we really ask for?
Photo credit: Bill Pugliano/Getty Image via CNN