China may no longer be the go-to place for American manufacturers looking for cheap labor and favorable policies. A new report shows many large companies are looking to move their production facilities back to the States.
Of the 106 executives surveyed by Boston Consulting Group, 37% said they were planning to or actively considering “reshoring” their factories in the U.S.
And that’s just for U.S.-based companies with annual sales of more than $1 billion. Among manufacturers who make $10 billion or more a year, 48% of executives said they want to relocate operations back home.
The urge is especially pronounced among leaders of companies working in industries responsible for 70% of the goods imported to the U.S. from China: transportation goods, electrical equipment, furniture, computers and electronics and more.
Those executives predict that as much as 30% of manufacturing in their industries could return to the U.S. from Asia by the end of the decade.