ICYMI: U.S. COMPANIES ON PACE TO BRING HOME RECORD NUMBER OF JOBS FROM OVERSEAS
Inflation Reduction Act and CHIPS & Science Act Are Bringing Jobs Back to America
In Case You Missed It — Companies in the U.S. are on pace to reshore 350,000 jobs this year, according to the Wall Street Journal. The Biden administration’s policies have played a key role in reshoring these jobs and reorienting the economy to work better for middle-class Americans.
Most recently, passage of the Inflation Reduction Act and the CHIPS & Science Act were massive victories for President Biden that will lower costs for families and create millions of jobs.
American companies are on pace to reshore, or return to the U.S., nearly 350,000 jobs this year, according to a report expected Friday from the Reshoring Initiative. That would be the highest number on record since the group began tracking the data in 2010. The Reshoring Initiative lobbies for bringing manufacturing jobs back to the U.S.
Over the past month, dozens of companies have said they had plans to build new factories or start new manufacturing projects in the U.S.
- The U.S. government is also luring companies back. The Chips and Science Act and the Inflation Reduction Act, both passed this month, provide tax breaks and other incentives for building and investing in manufacturing centers for goods such as semiconductors, electric vehicles and pharmaceuticals.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.