US companies returning jobs to America

 Washington Examiner:

U.S. businesses are on pace to bring back a record number of jobs from overseas this year.

Nearly 350,000 jobs are expected to return to U.S. soil, according to reported estimates from the Reshoring Initiative, which would add to the more than 1.3 million total jobs brought back since 2010.

...

“We think it’ll be a long-term trend,” Jill Carey Hall, U.S. equity strategist at Bank of America Corp, told the Wall Street Journal, noting that before the pandemic, there was a small uptick. “But obviously COVID was one big trend and you’ve seen a continued big jump up this year.”

Russia’s months-long invasion of Ukraine and rising tensions between China and Taiwan are also motivating factors.

...

A concern for companies seeking to return to the U.S. has increased spending on paying employees.

“There’s no question that companies, when they bring jobs back, they know they’re going to be paying three to five times as much for labor,” said Reshoring Initiative founder and President Harry Moser. “Therefore, they have to automate.”

North American companies are on pace to set a new record with 11,595 robots ordered in the first quarter of 2022, according to the Association for Advancing Automation.

...

While the labor costs may go up there will be some savings in the shipping cost of getting the goods to market. 

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