An estimated $443 Billion in economic value could be driven by reshoring over the next 12 months. The Thomas Index Report has released the 2021 State of North American Manufacturing Annual Report revealing statistics from manufacturers and industrial sectors in North America.
Key observations include 83% of manufacturers are likely or extremely likely to reshore which increased from 54% citing the same intention in March 2020. This shift presents a great economic opportunity for companies to provide these services and sourcing of raw materials which will strengthen established supply chains. Over the course of 2020, industrial companies added approximately 11 new suppliers to their supply chains.
Companies that are evaluating new suppliers state their most important factors include Availability and Lead Times following closely by Price per Unit/Service and Quality Certifications.
Read the full article at Thomasnet.com.
Download the report at Business.Thomasnet.com.