The hazards of supply chain gaps and the advantages of domestic manufacturing became painfully clear during the pandemic. Unprecedented pressures are compelling companies to innovate and reshore production back to the U.S. to mitigate global risk and augment resiliency.

Reshoring and foreign direct investment (FDI) created more than 364,000 new U.S. manufacturing jobs in 2022, a 53 percent increase from the 2021.

It is perceived wisdom that the U.S. economy has been shifting from manufacturing to services. 

About 48 million U.S. borrowers collectively owe upwards of $1.7 trillion in federal and private student loans. 

Assembly lines have been around for more than a century, but new technologies, processes, investments and strategies are accelerating production, increasing capacity and driving revenue growth.

Geopolitical forces are accelerating the growing trends of reshoring and foreign direct investment (FDI). Over the last decade, an expanding understanding of the routine logistics costs of offshoring drove an upward trend of reshoring.

In my June column, I described the magnitude of the skilled workforce problem and some efforts by industry and associations to overcome the problem. This month, I will talk about what federal and state governments are doing to help, and I’ll offer one simple, no-cost, government action that must be implemented immediately.

Training the next generation of manufacturing workers is essential to the success of U.S. manufacturing and the economy. A recent McKinsey study found that restoring growth and competitiveness in 16 key manufacturing industries could boost annual U.S. GDP by more than 15 percent.