New Survey Shows Manufacturers Are Open To Reshoring
Thomas recently released the results of its most recent Industrial Survey, which assesses the ongoing impacts of COVID-19 on North American manufacturing. Thomas said the survey “revealed that companies are rethinking their supply chains and operation tactics to prepare for the new normal.”
These plans include:
- Two in three (69 percent) manufacturing companies who said they are looking into bringing production to North America. That figure is up from 54 percent in February.
- 38 percent of the companies who said they are actively hiring and adopting more apprenticeship programs.
- 55 percent of companies who are very likely to invest in Production Performance Automation in the next 12 months.
With regard to onshoring, respondents said the top products they are looking to source domestically: metals (15 percent), machining tools and parts (13 percent), fabricated materials (13 percent), and personal protective equipment (12 percent). Thomas concluded, “Domestic buyers and manufacturing companies should be prepared for a potential surge in demand.”
As a reminder, the Metals Service Center Institute recently tackled the issue of offshoring on a recent webinar with Elizabeth Rust, a senior economist at Keybridge Research. Rust reported on the results of Keybridge Research’s study to determine the nature and effects of the offshoring of the U.S. manufacturing base on U.S. service center shipments.
Click here to watch the archived webcast.