Reshoring and foreign direct investment (FDI) job announcements for 2022 set a new record, according to the Reshoring Initiative 2022 Data Report.
The report said companies announced some 364,000 reshoring and FDI jobs for 2022.
The amount was a 53% increase from a record set in 2021.
Driving factors include the chips and infrastructure acts and deglobalization trends.
The report also listed electrical equipment as the top industry, citing EV batteries.
Despite commending government actions, the report said the moves do not “improve the U.S.’ uncompetitive cost structure.”
Instead, it suggested massive skilled workforce investments, a 25% lower USD and retention of immediate expensing of capital investments.