Previously we linked to an article from ASSEMBLY Magazine that held results of their annual State of the Profession survey. The report had many hopes of reshoring and growth in domestic manufacturing. Turns out that professionals in other industries have the same projections. IndustryWeek reports that a recent survey of corporate real estate managers found that over half of them expected strong reshoring efforts in the next few years.
In a survey conducted in conjunction with the Corporate Real Estate 2020 research, 51% of corporate real estate asset managers either agreed or strongly agreed that there would be a rebound in domestic manufacturing from offshore locations. This recovery will be driven both by companies bringing manufacturing plants and jobs back to the U.S. or choosing not to off-shore in the first place, according to the report.
“On-shoring in the U.S. will continue to gain steam due to changing global cost and supply chain dynamics,” said Dennis Donovan, principal with WDG Consulting. “The U.S. and its manufacturing base is more competitive than at anytime in a generation.”
The trend is already occurring as U.S. manufacturing jobs have rebounded from a 10-year low of 11,458,000 in January 2010 to a projected 11,962,000 ending June 2012, according to the U.S. Bureau of Labor Statistics.
The 4.4% increase marks a gain of more than a half million new jobs.
Read the full article here at IndustryWeek. Have you seen or experienced companies pulling back to domestic manufacturing? What sort of expectations do you hold for reshoring in the next decade?