US manufacturing sector reaping benefits of reshoring

The U.S. manufacturing sector is in the midst of revitalization as global supply chains reshuffle in response to changing economic conditions and geopolitical shocks, reversing a decades-long trend of American industrial capacity moving overseas.

Manufacturing firms began to offshore their operations from the U.S. to countries with lower labor costs several decades ago. But the COVID-19 pandemic, the war in Ukraine and concerns over China potentially looking to compel Taiwan’s unification with the mainland by force have driven efforts to reshore manufacturing – in addition to government incentives and rising...