Reshoring Could Drive $443 Billion in U.S. Economic Opportunity
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Welcome to the Thomas Index Report for the week of June 7th.
There’s been a lot of discussion lately around the surge in reshoring as North American businesses shift back to domestic production and operations in the wake of COVID-19-related supply chain impacts. But reshoring is often discussed through intangibles, without a concrete figure to ascertain the true value of this shift back to American manufacturing.
Last week, our team released the Thomas 2021 State of North American Manufacturing Annual Report, which revealed insights from our latest survey canvassing the North American manufacturing and industrial sectors.
According to the report, 83% of North American manufacturers are likely or extremely likely to reshore production, which is an increase from the 54% of respondents who said they planned to reshore back in March 2020. In particular, the automotive and oil & gas sectors were the most motivated verticals with plans to add North American suppliers to their supply chains.
Another key takeaway from the Annual Report is that this shift toward reshoring will lead to a massive amount of economic opportunity in the U.S., with the potential to drive $443 billion in economic value over the next 12 months.
On the Thomasnet.com platform, we’re seeing further reflection of this trend in reshoring. Thomas users submitted more than $204 billion worth of sourcing requests over the past 12 months, compared to only $69 billion of RFQs in 2018.
To download the full report, click here.
I’m Tony Uphoff, and this is the Thomas Index Report.
Top 10 Categories Month Over Month:
- Aerospace Castings: 3,737%
- PVC Tubing: 2,846%
- Electronic Connectors: 2,684%
- Washers: 2,521%
- Motors: 2,396%
- Metal Extrusions: 2,350%
- Machine Parts: 2,177%
- Stampings: 2,104%
- Laboratories: 1,921%
- Metallizing: 1,843%
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Image Credit: Thomas Index Report
