Although it has been a priority for the last three administrations, the reshoring of lost manufacturing jobs remains more myth than reality. There has been a significant boom in the construction of hi-tech manufacturing plants, which has begun to translate into a surge in hi-tech output too. The CHIPS Act and Inflation Reduction Act, both passed in late-Summer 2022, have undoubtedly played a role in that resurgence. Up to now at least, however, the rise in hi-tech manufacturing employment has been very limited. Moreover, since these sectors are relatively small, the hi-tech surge will do little to boost overall manufacturing output, let alone economy-wide GDP.
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