Reshoring America’s Manufacturing Sector
Reshoring. It’s a term that has been thrown around a lot lately, but what does it mean for American manufacturers? During the Great Recession and over the past decade many companies outsourced operations overseas or shut their doors altogether, resulting in the loss of 2.3 million manufacturing jobs. A recent Forbes article sheds light on just how much the industry lost: “In the 1950s, one-third of the American workforce was employed in the manufacturing industry; the economy not only supported manufacturing jobs, it thrived on the power of this sector. Since then, U.S. manufacturing has been in a sharp decline as overseas production has become the dominant choice for American companies. Since 2000, the U.S. has seen 5.8 million manufacturing jobs shift overseas.”
All of this is starting to change for the better as manufacturing giants bring production back onto to American soil. Companies such as GE and Apple have heeded the call to return operations to the states, giving skilled workers employment and boosting local and national economies. But it’s not just the large corporations that are reshoring jobs; small manufacturers and local businesses are also hiring and revamping their operations as they gain confidence in the United States’ economy. Encouraging companies to bring back American manufacturing and supporting American made goods will have a positive effect on our GDP, the unemployment rate, and our lifestyles. Forbes is hosting a “Reinventing America Summit” in March 2014 to promote the cause and reinvigorate America’s industrial spirit.