Reshoring, Foreign Direct Investment Job Announcements Hit 244,000 in 2024: Report
The U.S. continued to see a strong number of job announcements from reshoring and foreign direct investments (FDI) last year, according to the Reshoring Initiative 2024 Annual Report. The Reshoring Initiative is a nonprofit organization that advocates for bringing manufacturing back to the U.S.
“The accelerated rate of 1 million [jobs] in the last four years was due to the added impact of massive government funding, such as IRA and CHIPS, and corporate recognition of the dramatically increasing levels of geopolitical risk in the global supply chain,” writes the report.
Of the 244,940 job announcements, 64% were due to reshoring, and FDI was responsible for the remaining 36%. According to the report, this is the largest margin by which reshoring has outpaced FDI since tracking began in 2010.
The following are the top five industries by the percentage of total jobs announced:
- Computer & electronic products – 35%
- Electrical equipment, appliances & components – 31%
- Transportation equipment – 9%
- Chemicals – 9%
- Machinery – 4%
Other key findings include:
- The top cited factor for reshoring and FDI in 2024 was government incentives, followed by skilled workforce and proximity to market.
- Ranked by jobs, the top three countries of origin were South Korea, Germany and Canada.
- Texas, Kentucky and North Carolina were the top three states for job announcements.
According to the report, “New policy expectations have triggered an unprecedented surge of large-scale reshoring and FDI announcements in early 2025, with more likely to follow. However, many of these announcements remain conditional. The Q1 data excludes tentative projects tied to pending tariffs. If finalized, the projected total for 2025 would exceed the 2024 level.”
The report projects 174,000 job announcements in 2025, significantly lower than the strong numbers seen in recent years. It cites shifting industrial policies as a key reason why companies are avoiding decisive action.
“Without a stable, long-term policy framework, companies are hesitant to make irreversible commitments to increased U.S. manufacturing. Compounding the uncertainty, China and other countries are threatening retaliatory measures in response to President Trump’s proposed tariffs. Such actions could reduce U.S. exports, posing additional headwinds for domestic manufacturing, reshoring efforts and job growth,” writes the report.
