Posted on December 14, 2015 by Minerals Make Life
According to a recent USA TODAY article, a new survey from The Boston Consulting Group (BCG) indicates manufacturers are increasingly reshoring operations to the U.S. Over the past two years, the percentage of manufacturers who “actively reshore” has increased by four percent, now totaling 17 percent of manufacturers.
Successful reshoring depends on a strong and stable domestic supply chain. Harry Moser, founder and president of the Reshoring Initiative, explains that U.S. dependence on minerals and metals imports is the result of delays in the U.S. mine permitting process. He notes this has consequently weakened the nation’s domestic supply chain and harms American manufacturing.
“Almost a third of U.S. executives at large manufacturers say they plan to add U.S. production over the next five years for goods sold in the U.S.,” says the BCG press release. Further, “a rising percentage” of the surveyed executives say “they are already in the process of reshoring production work from China.”
Harold L. Sirkin, a BCG senior partner and coauthor of the survey research, concludes, “These findings underscore how significantly U.S. attitudes toward manufacturing in America seem to have swung in just a few years.” In fact, the survey results reveal that the U.S. will be the “most likely destination” for factories that produce American goods according to the manufacturing executives who were surveyed. Consequently, the U.S. is experiencing what has been deemed a manufacturing renaissance.
While there is much to be done to reform the current minerals mining permitting process and further encourage reshoring, this new survey indicates that progress is being made.
Read the full USA TODAY article here.