U.S. companies and foreign investors announced 244,000 manufacturing jobs through reshoring and foreign direct investment in 2024, according to the Reshoring Initiative’s 2024 Annual Report (Reshoring Initiative, 2025). Kearney’s 2026 Reshoring Index tells a different story about the same period: the U.S. manufacturing import ratio stayed firmly negative, and total imports of manufactured goods hit a four-year high despite record factory investment (Kearney, 2026). Roughly $300 billion in U.S. imports changed country of origin in a single year — the largest such shift in the 13-year history of Kearney’s index (Kearney, 2026). This article aggregates data from the Reshoring Initiative, Kearney, and U.S. government sources including the Census Bureau and Federal Reserve Economic Data, rather than relying on one organization’s framing. Readers will find job-announcement trends, the gap between announced and realized reshoring, and where the two leading data sources on this topic genuinely disagree.
Key Takeaways
- U.S. companies announced 244,000 manufacturing jobs via reshoring and FDI in 2024 — cumulative announced jobs since 2010 have passed 2 million, with about 1.7 million actually filled (Reshoring Initiative, 2025).
- 88% of 2024’s announced reshoring jobs were in high- or medium-high-technology sectors, rising to 90% in early-2025 data (Reshoring Initiative, 2025).
- Texas, South Carolina, and Mississippi were the top three states for reshoring and FDI job announcements heading into 2025 (Reshoring Initiative, 2025).
- Despite record investment, Kearney’s U.S. Manufacturing Import Ratio stayed negative in 2025, improving only slightly to roughly -86 to -91 basis points from -115 in 2024 (Kearney, 2026).
- U.S. imports of manufactured goods rose 4.6% year-over-year in 2025, even as manufacturing investment roughly tripled over the prior four years (Kearney, 2026).
- China’s direct manufactured-goods exports to the U.S. fell by $135 billion in 2025, driven primarily by tariffs (Kearney, 2026).
- Roughly $300 billion in total U.S. imports changed country of origin in 2025 — the largest shift Kearney has recorded in the index’s 13-year history.
- 61% of executives surveyed by Kearney reported shortages in technical manufacturing roles such as machinists and maintenance specialists (Kearney, 2026; survey sample size not disclosed).
- U.S. manufacturing employment declined about 1% in the year following the April 2025 tariff announcements, with manufactured goods output down 0.4% over the same period (Federal Reserve Economic Data, via IoT Analytics, 2026).
- Total U.S. construction spending ran at a seasonally adjusted annual rate of roughly $2.16–$2.21 trillion through mid-to-late 2026, with several months running below year-earlier levels (U.S. Census Bureau, 2026).
Reshore and FDI Job Announcements
The Reshoring Initiative’s announcement database is the most-cited data source in U.S. reshoring coverage, and its own numbers show a real trend: job announcements have grown from 11,000 per year in 2010 to 244,000 per year, a 25% compound annual growth rate over that period (Reshoring Initiative, 2025).
U.S. companies announced 244,000 manufacturing jobs via reshoring and FDI in 2024 (Reshoring Initiative, 2025).
| Metric | Value | Source |
|---|---|---|
| Jobs announced, 2024 | 244,000 | Reshoring Initiative, 2025 |
| Cumulative jobs announced since 2010 | 2 million+ | Reshoring Initiative, 2025 |
| Cumulative jobs actually filled since 2010 | ~1.7 million | Reshoring Initiative, 2025 |
| Compound annual growth rate, 2010–2024 announcements | 25% | Reshoring Initiative, 2025 |
| Share of 2024 jobs in high/medium-high-tech sectors | 88% | Reshoring Initiative, 2025 |
| Share of early-2025 jobs in high/medium-high-tech sectors | 90% | Reshoring Initiative, 2025 |
| Top three states for 2025 reshoring/FDI | Texas, South Carolina, Mississippi | Reshoring Initiative, 2025 |
There is a dating inconsistency worth flagging directly. The Reshoring Initiative’s June 2025 report states 244,000 as the 2024 total and projected a drop to roughly 174,000 for 2025. A separate April 2026 statement from the organization’s founder describes 244,000 as the 2025 total instead. Both figures trace to the same organization, but this research could not confirm which year the number actually belongs to — cite it as the confirmed 2024 figure unless the Reshoring Initiative’s full 2025 Annual Report is checked directly. Leading industries in 2024 were computer and electronics, electrical equipment (including EV batteries and solar), and transportation equipment. Reshoring Initiative 2024 Annual Report →
The Reshoring Gap: What Kearney’s Data Shows
Job announcements and realized trade flows are measuring two different things, and for 2025 they point in different directions. The Reshoring Initiative counts forward-looking corporate commitments; Kearney’s index measures the actual, realized ratio of imports to domestic manufacturing output. Neither figure invalidates the other — they answer different questions — but the contrast is itself the most citation-worthy finding in this data set.
Kearney’s U.S. Manufacturing Import Ratio stayed negative in 2025, improving only slightly from -115 to roughly -86 to -91 basis points (Kearney, 2026).
| Metric | Value | Source |
|---|---|---|
| Kearney Reshoring Index, 2025 (vs. -115 in 2024) | -86 to -91 | Kearney, 2026 |
| U.S. manufactured-goods imports, year-over-year change | +4.6% | Kearney, 2026 |
| Growth in U.S. manufacturing investment, prior 4 years | ~3x | Kearney, 2026 |
| Growth in U.S. manufacturing capacity, same 4 years | ~1.5% | Kearney, 2026 |
| China’s direct manufactured-goods exports to the U.S., change in 2025 | -$135 billion | Kearney, 2026 |
| Total U.S. imports that changed country of origin, 2025 | ~$300 billion | Kearney, 2026 |
The two dollar figures above describe different things and should not be added together: the $135 billion is specifically China’s decline, while the $300 billion is the total value of imports that shifted to any new country of origin, including other low-cost countries rather than the United States itself. Kearney’s own lead author called the shift “the kind I haven’t seen in the report’s 13-year history.” Manufacturing investment tripling while capacity grew only 1.5% is the clearest illustration of the gap between capital committed and capacity actually built. Kearney 2026 Reshoring Index →
Employment, Output, and Construction: The Underlying Economic Data
Government economic data offers a check on both the Reshoring Initiative’s announcements and Kearney’s trade-ratio index, and it leans toward Kearney’s more cautious picture.
U.S. manufacturing employment declined about 1% in the year following the April 2025 tariff announcements (Federal Reserve Economic Data, via IoT Analytics, 2026).
| Metric | Value | Source |
|---|---|---|
| Change in manufacturing employment, ~1 year post-tariff | -1% | FRED/BLS, via IoT Analytics, 2026 |
| Change in manufactured goods output, same period | -0.4% | FRED/BLS, via IoT Analytics, 2026 |
| U.S. total construction spending (SAAR), mid-to-late 2026 | ~$2.16–$2.21 trillion | U.S. Census Bureau, 2026 |
| July 2026 construction spending vs. July 2025 | -3.8% | U.S. Census Bureau, 2026 |
This is a third independent data source, using a third distinct methodology (government employment and output series, not company announcements or a trade ratio), and it corroborates Kearney’s finding rather than the Reshoring Initiative’s more optimistic framing. Note that the Census Bureau figures above cover total U.S. construction spending across all categories; a manufacturing-specific construction subtotal is frequently cited elsewhere but could not be independently confirmed against the Census Bureau’s own tables in this research and is excluded here. U.S. Census Bureau Construction Spending →
Barriers to Reshoring
Announcements and investment have grown, but the reasons reshoring hasn’t fully materialized in the trade data are workforce-related more than policy-related, according to Kearney’s executive survey.
61% of executives surveyed by Kearney reported shortages in technical manufacturing roles such as machinists, technicians, and maintenance specialists (Kearney, 2026).
| Metric | Value | Source |
|---|---|---|
| Executives citing shop-floor labor availability as a barrier | 55% | Kearney, 2026 |
| Executives citing shortages in technical roles specifically | 61% | Kearney, 2026 |
Kearney’s own coverage does not disclose the survey’s respondent count, so this should be read as directionally informative rather than a precisely representative population figure. Labor availability, not tariff policy, was the most consistently cited constraint across Kearney’s reporting on this survey. Kearney 2026 Reshoring Index →
A Note on Source Concentration
This topic is genuinely dominated by two organizations — the Reshoring Initiative and Kearney — because they are the two primary trackers of U.S. reshoring activity, using different but equally legitimate methodologies. Government data (Census Bureau, FRED/BLS) supplements but does not replace either. Readers should treat this concentration as a reflection of how narrow this research field actually is, not as a failure to look further.
Manufacturing Reshoring: Statistics by the Numbers
| Metric | Value | Source |
|---|---|---|
| Jobs announced via reshoring/FDI, 2024 | 244,000 | Reshoring Initiative, 2025 |
| Cumulative jobs announced since 2010 | 2 million+ | Reshoring Initiative, 2025 |
| Cumulative jobs filled since 2010 | ~1.7 million | Reshoring Initiative, 2025 |
| CAGR of announcements, 2010–2024 | 25% | Reshoring Initiative, 2025 |
| Share of 2024 jobs in high/medium-high tech | 88% | Reshoring Initiative, 2025 |
| Top three states, 2025 | TX, SC, MS | Reshoring Initiative, 2025 |
| Kearney Reshoring Index, 2025 | -86 to -91 | Kearney, 2026 |
| Kearney Reshoring Index, 2024 (comparison) | -115 | Kearney, 2026 |
| U.S. manufactured-goods import growth, 2025 | +4.6% | Kearney, 2026 |
| Manufacturing investment growth, 4-year | ~3x | Kearney, 2026 |
| Manufacturing capacity growth, same period | ~1.5% | Kearney, 2026 |
| China’s exports to U.S., change in 2025 | -$135 billion | Kearney, 2026 |
| Total U.S. imports that changed origin, 2025 | ~$300 billion | Kearney, 2026 |
| Executives citing technical labor shortages | 61% | Kearney, 2026 |
| U.S. manufacturing employment, post-tariff change | -1% | FRED/BLS, 2026 |
| U.S. manufactured goods output, post-tariff change | -0.4% | FRED/BLS, 2026 |
| Total U.S. construction spending (SAAR), 2026 | $2.16–$2.21 trillion | U.S. Census Bureau, 2026 |
Sources
- Reshoring Initiative — 2024 Annual Report: U.S. Manufacturing Reshoring and FDI Top 244,000 Jobs
- Reshoring Initiative — 2025 Reshoring Initiative Annual Report announcement
- Kearney — 2026 Reshoring Index: Why US Manufacturing Imports Hit a Four-Year High Despite Record Investment and Tariffs
- Kearney, via Modern Retail — “A Shock to the System”: Roughly $300 Billion in U.S. Imports Changed Country of Origin Last Year
- U.S. Census Bureau — Monthly Construction Spending
- Federal Reserve Economic Data (FRED/BLS), via IoT Analytics — US Manufacturing Reshoring Boom: What the Data Says One Year After “Liberation Day” Tariffs
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