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"The Great Manufacturing (Re) Migration"

The global supply chain is shifting--nearshoring and reshoring are no longer optional, they're strategic.

U.S.-based manufacturers have already been gradually—and then more rapidly after the pandemic—nearshoring and reshoring operations after decades of migration away from domestic production. Simultaneously, foreign companies have accelerated investment in U.S.-based manufacturing.

According to Kearney, 2023 marked the biggest increase in reshoring to date. Bain & Company found 81% of CEOs and COOs plan to move supply chain operations closer to market. BCG found that 90% of companies had reshored at least some production.

Driving forces include rising labor costs in traditional offshoring countries, shifting trade policies, automation, and the need for supply chain resilience. Challenges remain, especially a manufacturing labor gap projected to reach 3.8 million workers.

To address this, companies must reorient workforce development, integrate automation and AI, and institute dynamic staffing. Despite risks, the long-term trend is likely to accelerate.

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