While the Federal Reserve attempts to slow down the U.S. economy to ward off a recession, the persistent U.S. strong job market is not just domestic. The number of overseas jobs returning to the United States is setting new records.

The Reshoring Institute recently reported that American companies are on pace to reshore, or return to the U.S., nearly 350,000 jobs in 2022. The 350,000 reshored jobs projected for this year would far exceed the roughly 265,000 jobs added in 2021 and would be more than 50 times the 6,000 jobs reshored to the U.S. in 2010, according to The Wall Street Journal.

A major reason for this dramatic increase is the COVID-19 pandemic, which snarled supply chains worldwide and prompted many executives to bring their business operations back home.

According to The Wall Street Journal, over the past few months, dozens of companies have said they had plans to build new factories or start new manufacturing projects in the U.S. Idaho-based Micron Technology Inc. announced a $40-billion expansion of its current headquarters and investments in memory manufacturing. Ascend Elements said it would build a $1-billion lithium-ion battery materials facility in Kentucky. South Korean conglomerate SK Group said it would invest $22 billion in a new packaging facility, electric vehicle charging systems, and hydrogen production in Kentucky and Tennessee.

“We think it’ll be a long-term trend,” said Jill Carey Hall, U.S. equity strategist at Bank of America Corp. “Before COVID there was…a little uptick but obviously COVID was one big trend and you’ve seen a continued big jump up this year.”

For the full Wall Street Journal story, go to:

https://www.wsj.com/articles/u-s-companies-on-pace-to-bring-home-record-number-of-overseas-jobs-11660968061