According to a new survey from The Boston Consulting Group (BCG), more U.S. companies are moving production back home from China.
“Our findings show that not only does interest in repatriating production to the U.S. and creating American jobs remain strong, but also that companies are acting on those intentions,” said BCG senior partner Harold L. Sirkin.
The survey’s findings reinforce a previous BCG estimate that reshored production, along with rising exports, could create between 600,000 and 1 million direct manufacturing jobs by 2020.
So why are manufacturers deciding to move their operations back home? For a number of reasons.
Seventy percent of manufacturers said that better access to skilled talent was their main reason for relocating home.
Eighty percent of manufacturers cited shorter supply chains and lower shipping costs as their primary reasons.
The survey also found that technology played a big part in improving the U.S. landscape for manufacturers—seeing payoffs from investing in advanced technologies like 3-D printing and robotics.
Now we just have to sit and wait to see if the remaining 3 to 4 million U.S. jobs currently off shored will follow suit.
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