1H2023 reshoring + foreign direct investment (FDI) job announcements continued their record-breaking run. 1H2023 announcements were in line with 2022’s record rate. Q3 announcements have slowed some. We expect to see upwards of 300,000 jobs announced by year-end. EV battery and chip investments and other essential product industries supported by Bidenomics including solar, clean energy, and pharmaceuticals account for most of the announcements.

Several factors have come to light that substantiate the strength of U.S. reshoring and FDI trends. In the first quarter of this year, average spending on U.S. factory construction was more than double the average from the past 17 years. See also US manufacturing boom unlocks ‘once-in-a-lifetime’ opportunity for construction firms. Reshoring Initiative data parallels the magnitude and focus of the construction investments. Independently conducted surveys on companies’ reshoring actions correlate very closely with Reshoring Initiative data on jobs announced over the past 12 years (Exhibit 1).

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