A ‘Bidenomics’ Factory Boost, But Maybe Not in Reshoring
The degree to which a US manufacturing renaissance manifests in increased sales for industrial companies remains murky.
A new plant in the US doesn’t automatically mean one is closing elsewhere in the world.
Photographer: Elijah Nouvelage/Bloomberg
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President Joe Biden has made a revival of US factory jobs and industrial prowess a key pillar of his economic agenda. Thanks in large part to the scarring circumstances of the pandemic and a bazooka of government money aimed at encouraging companies to play along, this latest attempt at fostering a revitalization of America’s manufacturing might appears to have gained more traction than the myriad other iterations of reshoring policies over the past decade. But the degree to which this long-awaited US manufacturing renaissance actually manifests in increased sales for industrial companies and more jobs for Americans remains murky.