3 U.S. Manufacturing Stocks Linked To Data Centers And Reshoring

China’s latest manufacturing data has sent a clear signal. The official PMI slipped to 49.2 in July, which points to weaker factory activity, softer exports to the U.S., and pressure on retail sales and jobs. At the same time, Chinese policymakers are talking up extra fiscal support and pro growth measures. For U.S. investors, this mix of softer demand abroad and potential policy support at home and overseas can change how industrial and manufacturing stocks are priced. This article looks at 3 U.S. industrial and manufacturing stocks from our screener that are closely tied to this news backdrop.

Comfort Systems USA (FIX)

Overview: Comfort Systems USA is a Houston based contractor that designs, installs, and services heating, cooling, electrical, plumbing, and fire protection systems for commercial, industrial, and institutional buildings across the U.S., with a growing focus on complex projects such as data centers and healthcare facilities.

Operations: Comfort Systems USA generates about US$8.0b from Mechanical Services and US$3.2b from Electrical Services, with all reported revenue of roughly US$11.2b coming from the United States.

Market Cap: US$53.4b

Comfort Systems USA provides direct exposure to the build out of AI ready data centers and other high specification facilities. A reported record US$14.1b backlog supports revenue visibility into 2027, alongside strong recent earnings momentum. The push for onshoring, resilient U.S. infrastructure, and modular construction aligns with its capabilities in complex mechanical and electrical work, while growing recurring service revenue can help smooth cycles. At the same time, heavy reliance on large technology projects, tight skilled labor markets, and higher leverage introduce execution risk if demand slows or costs rise. The combination of rapid growth, high returns on equity, and these pressure points makes FIX a stock worth watching closely as conditions in manufacturing and construction continue to evolve.

Comfort Systems USA’s surge into AI ready data centers and complex projects has many investors focused on growth, rather than the full risk reward picture. Get the 4 key rewards and 1 important warning sign

NYSE:FIX Earnings & Revenue Growth as at Jul 2026

Dana (DAN)

Overview: Dana Incorporated is a Maumee, Ohio based supplier of powertrain, driveline, and energy management components for light and commercial vehicles, including axles, driveshafts, transmissions, electric drive systems, and thermal and sealing products used across internal combustion, hybrid, and electric platforms worldwide.

Operations: Dana generates about US$5.4b from its Light Vehicle segment and US$2.4b from Commercial Vehicle products, partly offset by roughly US$0.2b of inter segment eliminations.

Market Cap: US$2.9b

Dana provides exposure to U.S. and global manufacturing as automakers refresh trucks and off highway fleets for electrification and tighter efficiency standards. At the same time, China’s weaker export momentum increases the appeal of diversified North American suppliers. Analysts report expectations for strong earnings and revenue growth and see the stock trading well below their fair value estimates and price targets. However, the company is still reporting losses and carries funding and execution risks as it integrates the Eaton Mobility deal and pursues cost savings. For investors who can handle volatility, the mix of forecast profit improvement, electrification programs, and discounted valuation could make Dana a stock that merits closer consideration in the context of today’s supply chain realignment.

Dana’s electrification story and reported valuation gap are only part of what investors are talking about. See how the analyst forecasts for Dana stack up against funding needs and what the market might be missing.

NYSE:DAN Earnings & Revenue Growth as at Jul 2026

Gentherm (THRM)

Overview: Gentherm develops thermal management and comfort systems such as heated and climate controlled car seats, steering wheels, and patient temperature management devices used in hospitals. Its products are used in high volume vehicle platforms and medical settings, aiming to make passengers and patients more comfortable while improving efficiency for manufacturers and healthcare providers.

Operations: Gentherm generates about US$1.53b from its Automotive segment and roughly US$49.4m from its Medical segment.

Market Cap: US$1.32b

Gentherm provides targeted exposure to higher value content in vehicles at a time when automakers are adding features that consumers can feel and are willing to pay for, from massage and climate seats to advanced battery and valve systems. The company’s profile reflects a mix of potential earnings growth drivers, including record automotive awards, expanding medical products, and possible benefits from shifts in global manufacturing and sourcing patterns. At the same time, margins are still thin, returns on equity are low, funding relies on external borrowing, and growth in Asia and newer markets is not yet proven. The balance of these growth opportunities, valuation signals, and execution risks is a key part of the current investment narrative around Gentherm.

Gentherm’s thin margins and low returns might be masking a bigger story around higher value content in cars and hospitals. See how the analyst forecasts for Gentherm could reshape that profile and what one weak spot might still be holding it back.

NasdaqGS:THRM Earnings & Revenue Growth as at Jul 2026

The three U.S. industrial and manufacturing stocks in this article are only a starting point. Our full screen uncovers 19 more companies that have equally compelling stories running through the U.S. Industrial and Manufacturing Stocks screener U.S. Industrial and Manufacturing Stocks screener. Use Simply Wall St to identify and analyze the specific catalysts and narratives that matter most to you so you can focus on the highest conviction ideas in this theme.

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Once you’ve made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates.
Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives.
By uncovering hidden catalysts and risks early, you’ll accelerate your decision-making and stay one step ahead of the market.

Seeking Alternatives Beyond These Stocks

Fresh ideas do not stay quiet for long. By the time momentum is obvious, the ideal entry point can be gone. Scan these under the radar lists now and consider your options carefully.

• Identify companies with solid balance sheets before the crowd starts focusing on quality. Scan the curated list of solid balance sheet and fundamentals (46 results) and see which stocks still appear under the radar for now.
• Explore early trends in autonomous systems and factory automation. Track opportunities inside the focused 34 robotics and automation stocks while sentiment is still developing.
• Evaluate potential AI infrastructure capacity constraints. Review the hand picked 56 AI infrastructure stocks while prices are still adjusting and before momentum becomes more established.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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Apple $30B Broadcom US Chips Deal: Supply Chain Reshoring

Apple has announced a multi-year agreement worth more than $30 billion with longtime supplier Broadcom to design and produce custom silicon components and advanced wireless connectivity technologies entirely in the United States. This commitment will result in the production of more than 15 billion US-made chips and marks the largest single pledge under Apple’s American Manufacturing Program to date.

The deal includes a $1.5 billion expansion of Broadcom’s facility in Fort Collins, Colorado, focusing on advanced radio frequency components such as FBAR filters. It directly supports Apple’s goal of building an end-to-end silicon supply chain on American soil while creating hundreds of domestic jobs.

The Landmark Broadcom Agreement

Apple and Broadcom have collaborated for decades on components that power connectivity in iPhones, Macs, and other devices. The new agreement shifts a substantial portion of production to US facilities, moving beyond previous reliance on overseas manufacturing for these specialized parts.

Under the terms, Broadcom will supply custom chips for a wide range of Apple products through 2031. This volume represents a significant scale-up from prior arrangements and positions Broadcom as a key anchor in the domestic ecosystem.

Tim Cook highlighted the partnership’s role in American manufacturing and innovation, noting the components’ importance for performance and connectivity. Hock Tan of Broadcom emphasized the shared commitment to US-based innovation and the expansion of the Fort Collins footprint.

This agreement stands out as Apple’s largest US manufacturing commitment so far within its broader investment framework. It demonstrates how anchor customers like Apple can drive supplier investments in advanced fabrication capabilities.

Industry observers note that such deals help de-risk supply chains by localizing production of components previously sourced internationally. The scale of 15 billion chips underscores the depth of Apple’s bet on domestic capacity.

Understanding Apple’s American Manufacturing Program

Apple launched its American Manufacturing Program in 2025 as part of a $600 billion four-year US investment commitment. The program incentivizes suppliers to expand or establish manufacturing operations in the United States for components used in Apple products sold globally.

Initial partners included companies such as Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor, and Broadcom. Subsequent expansions added Bosch, Cirrus Logic, and TDK for sensors and integrated circuits.

Since its launch, the program has enabled Apple to source more than 20 billion US-made chips from 24 factories across 12 states. This momentum shows measurable progress toward reducing dependence on concentrated overseas production hubs.

The initiative also includes direct hiring plans, with Apple targeting 20,000 new US roles focused on R&D, silicon engineering, software development, and AI/machine learning. These positions complement the supplier-side job creation.

Participants benefit from Apple’s purchasing power and long-term contracts, which provide the revenue certainty needed for capital-intensive facility expansions. The program explicitly aims to create an end-to-end silicon supply chain within the country.

Expansion at Broadcom’s Fort Collins Facility

Broadcom’s existing site in Fort Collins, Colorado, will undergo a $1.5 billion modernization and expansion specifically tied to the Apple agreement. The investment targets production of advanced radio frequency components essential for wireless performance.

Key outputs include FBAR filters, which enable precise signal filtering in mobile devices, and other advanced wireless connectivity technologies. These parts support the high-speed, reliable connections required in modern smartphones and wearables.

The facility expansion will create hundreds of American jobs in manufacturing, engineering, and related roles. This localized production reduces lead times and transportation risks compared to overseas sourcing.

Fort Collins benefits from Colorado’s established semiconductor ecosystem and skilled workforce. The project aligns with state-level incentives that complement federal efforts to boost domestic chipmaking.

Modernization efforts likely incorporate updated cleanroom standards and process technologies to meet Apple’s quality and volume requirements. Such upgrades can improve yields and efficiency over time.

Apple’s Broader US Investment Strategy

The Broadcom deal forms one pillar of Apple’s $600 billion US commitment spanning manufacturing, job creation, and technology development. Additional elements include server production facilities and expanded R&D centers.

Apple has exceeded early targets by sourcing substantial volumes of US-made chips and components. This approach builds resilience against disruptions from geopolitical events or natural disasters affecting single regions.

Long-term contracts with suppliers like Broadcom provide stability that encourages further private investment in US capacity. The strategy extends beyond chips to materials, sensors, and packaging.

By anchoring demand, Apple helps attract talent and capital to the domestic semiconductor sector. This creates a virtuous cycle where increased production capacity attracts more customers and suppliers.

The overall program supports Apple’s product roadmap by securing access to components tailored for features like advanced connectivity and AI processing. Secure domestic sourcing becomes particularly valuable for sensitive technologies.

TSMC’s Arizona Fabs and Apple’s Chip Sourcing

Apple is also a major customer at TSMC’s Arizona facility, with plans to purchase well over 100 million advanced chips in 2026 alone. The first fab produces 4nm process chips, with additional fabs under construction for more advanced nodes.

TSMC Arizona represents a significant step in bringing leading-edge logic manufacturing to the US. Apple’s commitment as the largest customer there helps anchor the site’s viability and expansion.

Production from Arizona complements the Broadcom RF and wireless components. Together they illustrate progress toward a more complete domestic supply chain for Apple’s silicon needs.

Challenges remain, including the need for advanced packaging capabilities that are still largely located overseas. Plans for packaging facilities at the Arizona site aim to address this gap over time.

Apple’s diversified approach—pairing TSMC Arizona with Broadcom Colorado and other partners—reduces single-point dependencies. This multi-supplier model enhances overall resilience.

The Geopolitical Drivers Behind Reshoring

Global tensions, particularly around Taiwan and China, have accelerated efforts to diversify semiconductor supply chains. Apple’s moves reflect a strategic response to risks of disruption in concentrated production regions.

US policy, including the CHIPS and Science Act and administration priorities, provides incentives and pressure for domestic investment. Apple’s announcements align with these broader national goals.

Reshoring advanced components like wireless chips helps mitigate vulnerabilities in critical technologies. Policymakers view semiconductor self-sufficiency as essential for economic and national security.

Similar pushes appear in other countries, such as South Korea’s semiconductor initiatives. South Korea’s massive semiconductor push highlights parallel global efforts to secure domestic capacity.

Apple’s strategy balances commercial interests with geopolitical realities. Long-term contracts signal commitment that encourages suppliers to invest despite higher US operating costs.

Enhancing Supply Chain Resilience in the AI Era

Explosive demand for AI hardware has intensified competition for advanced chips and components. Apple’s investments help ensure steady supply for its own AI-enabled devices and services.

Localized production of RF and connectivity chips reduces exposure to shipping delays, tariffs, or export controls. This matters for products requiring consistent high-volume availability.

The AI boom drives needs for specialized silicon, including custom accelerators and efficient wireless modules. US-based manufacturing supports faster iteration and customization.

Broader industry trends show Big Tech companies pursuing similar localization strategies. Secure supply chains become a competitive advantage in an era of rapid technological change.

Apple’s approach demonstrates how major purchasers can catalyze ecosystem development. By committing volume, the company makes US facilities economically viable for specialized production.

Economic Benefits: Jobs and Regional Development

The Broadcom expansion alone supports hundreds of new jobs in Colorado. Broader AMP efforts have already contributed to job growth across multiple states through supplier investments.

High-skill manufacturing and engineering roles in semiconductors offer strong wages and long-term career paths. These positions help revitalize regional economies with advanced industry clusters.

Apple’s direct hiring of 20,000 US employees focuses on innovation roles that complement manufacturing. Silicon engineering and AI development create high-value employment.

Indirect effects include demand for supporting services, training programs, and infrastructure. Semiconductor clusters often spur additional economic activity in surrounding areas.

Quantifiable impacts include the sourcing of over 20 billion US-made chips since the program’s start. This volume translates into sustained supplier revenues and workforce stability.

Technical Details: RF Components and Wireless Tech

FBAR filters represent a specialized technology for separating radio frequency signals with high precision. These components are critical for 5G/6G connectivity, Wi-Fi performance, and interference management in compact devices.

Advanced wireless connectivity technologies from the Fort Collins facility will support evolving standards in Apple’s product lineup. Integration with custom silicon enables optimized power efficiency and speed.

Producing these parts domestically allows tighter collaboration between Apple designers and Broadcom engineers. Proximity can accelerate development cycles for next-generation features.

The $1.5 billion investment likely funds updated equipment for higher throughput and yield improvements. Such upgrades are necessary to meet Apple’s rigorous quality standards at scale.

These components play a foundational role in device performance, often unseen by consumers but essential for reliability. Their US production strengthens the overall technology stack.

Challenges in Scaling US Semiconductor Production

US manufacturing costs remain higher than in established Asian hubs due to labor, energy, and regulatory factors. Long-term contracts help offset these differences but do not eliminate them entirely.

Building a complete ecosystem requires not only fabs but also materials suppliers, equipment makers, and packaging capabilities. Gaps persist in some upstream and downstream segments.

Talent shortages in specialized semiconductor engineering pose ongoing hurdles. Apple’s hiring plans and supplier expansions aim to address this through training and attraction programs.

Timelines for new facilities and process qualifications can span years. Rapid scaling to meet AI-driven demand requires sustained investment and policy support.

While progress is evident, full independence from global supply chains remains distant. Hybrid models combining domestic and international production will likely persist.

Lessons for Other Tech Companies

Apple’s model shows the power of large-scale, multi-year purchase commitments to drive supplier investments. Smaller firms can pursue similar strategies through consortia or government-backed initiatives.

Diversifying across multiple US locations and partners reduces risk compared to single-site reliance. The combination of TSMC Arizona and Broadcom Colorado illustrates this principle.

Engagement with federal and state incentive programs amplifies private capital. Companies evaluating reshoring should map available CHIPS Act funding and tax credits early.

Focus on high-value, specialized components yields quicker wins than attempting to replicate entire overseas ecosystems overnight. RF and wireless technologies represent one such targeted area.

Transparency in announcements, as seen with Apple’s news releases, builds stakeholder confidence and attracts further partnerships. Clear metrics like chip volumes and job numbers help track progress.

Future Implications for Global Supply Chains

Apple’s $30 billion commitment signals a lasting shift toward regionalized production for critical technologies. Other major tech firms are likely to follow with comparable announcements.

Over time, increased US capacity could influence global pricing, lead times, and innovation patterns. Domestic fabs may prioritize certain process nodes or component types.

Continued policy support will determine the pace of further expansion. Sustained incentives and trade frameworks that favor domestic sourcing will be key.

Consumers may eventually see more “Made in USA” labeling on components, though final assembly often remains international. The focus remains on securing the silicon foundation.

This trend contributes to a more distributed global semiconductor landscape, potentially improving overall system resilience against future shocks.

Practical Advice for Businesses Monitoring These Trends

Supply chain professionals should track Apple and peer announcements for signals on capacity availability and pricing trends. Early engagement with new US suppliers can secure allocations.

Companies reliant on wireless or RF components may explore partnerships with Broadcom or similar domestic players. Long-term contracts similar to Apple’s can provide stability.

Monitor TSMC Arizona output and packaging developments for opportunities in advanced logic chips. Diversification across US and allied-nation sources reduces exposure.

Invest in workforce development programs to build internal expertise in semiconductor-adjacent skills. Talent pipelines will be critical as capacity grows.

Evaluate total cost of ownership, including resilience benefits, when comparing domestic versus offshore sourcing options. Short-term premiums may deliver long-term risk mitigation.

Conclusion

Apple’s $30 billion Broadcom agreement represents a concrete advancement in US semiconductor localization. Combined with TSMC Arizona sourcing and the wider American Manufacturing Program, it builds meaningful domestic capacity for critical components.

While challenges around costs, talent, and ecosystem completeness remain, the scale of commitments demonstrates feasibility. The AI era’s demand pressures make such investments strategically timely.

Businesses across tech and manufacturing can draw lessons on using purchasing power to shape supply chains. Continued momentum will depend on sustained private and public sector alignment.

This development strengthens America’s position in a vital industry and offers a model for secure, resilient production in an interconnected world.

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3 US Reshoring Stocks Backed By Domestic Manufacturing Demand

Supply chain resilience is back in the spotlight as U.S. policymakers push to reduce reliance on foreign suppliers and tighten rules around trade, technology, and sanctions. For investors, that shift could reshape where capital flows, which companies face extra scrutiny, and which ones stand to benefit from efforts to expand domestic capacity. To make sense of these changes, this article looks at three stocks from our U.S. Manufacturing and Industrial Reshoring screener that appear positively exposed to the latest policy signals. This may help you decide whether they deserve a closer look or a spot on your watchlist.

Atkore (ATKR)

Overview: Atkore is a U.S.-based manufacturer of electrical conduit, cable management, pipes, framing systems, perimeter security and related infrastructure products that are used to route and protect power and data across construction, industrial, infrastructure, alternative energy and government projects.

Operations: Atkore generates about US$2.0b from its Electrical segment and US$0.8b from Safety & Infrastructure, with the business heavily concentrated in the United States, which contributes roughly US$2.5b of revenue.

Market Cap: US$2.8b

Atkore sits at the heart of U.S. reshoring and electrification, supplying domestically manufactured electrical raceway and infrastructure products at a time when policymakers are pushing for more onshore capacity and tougher rules on imports. Management has highlighted that tariffs and supply chain shifts could help recapture conduit market share from overseas competitors, and the company is already closely tied to data centers, chip fabs, hospitals and solar projects. At the same time, investors need to weigh ongoing losses, legal settlement costs around PVC conduit, and signs of competitive pressure against a valuation that screens as relatively low on some metrics and a board that is described as experienced. For investors tracking U.S. manufacturing and infrastructure, Atkore is a stock that warrants a deeper look.

Atkore’s reshoring story, low-screening valuation, and exposure to data centers and solar projects could be hiding a bigger twist in the risk reward trade off. Start with the 2 key rewards and 2 important warning signs

ATKR Discounted Cash Flow as at Jun 2026

Bowman Consulting Group (BWMN)

Overview: Bowman Consulting Group is a U.S. engineering and technical services company that helps design, plan, and manage critical infrastructure, from roads, ports, power systems, pipelines, and data centers to water, wastewater, and environmental projects, increasingly using digital tools such as GIS, AI-enabled studies, and digital twins.

Operations: Bowman generates about US$503.6m by providing engineering and related professional services to customers, with all reported revenue coming from the United States.

Market Cap: US$528.4m

Bowman Consulting Group gives investors focused exposure to the U.S. “build out” story, with a US$503.6m, fully domestic revenue base tied to transportation, power, data centers, defense, water and wastewater, and mining projects that align with Washington’s push for supply chain resilience and onshoring. Recent contract wins in ports, critical minerals, and utilities add to its backlog. Some analysts highlight the potential for higher-margin, technology-enabled services to become a larger contributor as they scale. At the same time, Bowman has reported losses in some periods and carries financing risk, with interest costs not yet comfortably covered by earnings, so execution on growth and margin expansion remains important. For investors tracking U.S. manufacturing and infrastructure, the key consideration is how to weigh the combination of policy support, contract momentum, and balance sheet risk when assessing the company.

Bowman Consulting Group’s contract momentum and fully domestic revenue base may be obscuring a more pronounced inflection point in its story, and the real tension sits inside the 3 key rewards and 1 important major warning sign

BWMN Discounted Cash Flow as at Jun 2026

Matrix Service (MTRX)

Overview: Matrix Service is an engineering and construction company that builds and maintains critical energy, power, storage and industrial infrastructure, including LNG and fuel storage tanks, utility substations, gas fired facilities and specialized assets for sectors such as hydrogen, mining and aerospace.

Operations: Matrix Service generates about US$420.0m from Storage and Terminal Solutions, US$282.9m from Utility and Power Infrastructure and US$144.9m from Process and Industrial Facilities, with most of its roughly US$847.5m in revenue coming from the United States.

Market Cap: US$392.5m

Matrix Service is closely aligned with U.S. supply chain resilience and energy security priorities, building LNG and NGL storage, peak shaving facilities and power infrastructure that support AI data centers, utilities and clean energy projects. The company has been moving from losses toward breakeven, with recent quarters showing improved sales and earnings. However, guidance has been trimmed as clients push projects out and permitting and weather delays shift revenue timing. A strong cash position and no debt provide some cushion, but funding risk from external liabilities, insider selling and execution issues on complex tanks remain factors to watch. For investors tracking U.S. industrial reshoring, the key question is whether this early stage turnaround in Matrix Service is being priced as cautiously as its project risks suggest.

Matrix Service’s early stage turnaround, cash on hand and zero debt are only half the story; the real tension sits inside the 3 key rewards and 1 important warning sign

NasdaqGS:MTRX Earnings & Revenue Growth as at Jun 2026

The three stocks covered here are only a starting point, and the full U.S. Manufacturing and Industrial Reshoring screener surfaced 18 more companies with equally compelling reshoring and domestic production narratives that could fit a range of investment styles. Use Simply Wall St to identify, filter, and analyze the specific catalysts and storylines that matter to you, so you can focus on the highest conviction opportunities across this theme.

Take Control of Your Investment Journey

If Atkore or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point.
Once you’ve made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates.
Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives.
By uncovering hidden catalysts and risks early, you’ll accelerate your decision-making and stay one step ahead of the market.

Seeking Fresh Alternatives Before They Fly?

New themes are breaking out, funds are shifting, and under the radar for now stocks will not stay quiet for long. Scan these fresh ideas before the crowd and consider them while they are still early.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

New: Manage All Your Stock Portfolios in One Place

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• Connect an unlimited number of Portfolios and see your total in one currency
• Be alerted to new Warning Signs or Risks via email or mobile
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Reshoring Initiative Seeking Survey Responses to Shape U.S. Manufacturing Policy Decisions

The Reshoring Initiative, in collaboration with Regions Recruiting, is seeking responses to its 2026 Reshoring Survey. U.S. manufacturing policy is being decided now — and it will directly affect costs, supply chain and competitiveness. The Reshoring Initiative is pivoting its strategy based on survey feedback.

The Reshoring Initiative’s goal is to collect data to get an accurate picture of the industry at this pivotal time in U.S. manufacturing history. This 10-minute survey questions how trade conditions, global risks and federal policies are affecting reshoring and foreign direct investment (FDI) decisions. Survey responses go directly into the data used by policymakers and economic developers working to strengthen U.S. manufacturing. This survey is one of the most direct ways to influence policy outcomes.

The Reshoring Initiatives 2025 survey explored the likely impact of contemplated 2025 policy changes. The survey also revealed the strategic imperatives necessary for U.S. re-industrialization, including:

• Level the cost playing field
• Develop or grow a larger, skilled workforce
• Apply total cost of ownership (TCO) principles
• Prepare for geopolitical risk

The 2026 survey focuses more on the impact of actual policy changes, including taxes, tariffs and the resulting uncertainty, the need for a robust skilled workforce and training system and the expected impact of AI. This year’s survey assesses the rationalizations behind reshoring decisions in addition to the impacts of the 2025 federal policy changes.

Data provided will be analyzed by the Reshoring Initiative and Regions Recruiting to produce industry-wide reports and strategic recommendations aimed at strengthening the U.S. manufacturing sector. The findings will be shared with industry leaders as well as the Trump administration to help shape the policies that will benefit both manufacturing and the country.

“The pandemic was an eye-opener and now, the war with Iran is showing us what’s at risk when supply chains are disrupted. Most of our OEM clients continue to work on supply chain resiliency strategies — and the building of teams and technological capabilities required to execute them,” says Kathy Nunnally, managing partner at Regions Recruiting. “There is a bright future ahead for domestic contract manufacturers, that’s for sure.”

The organization is monitoring the responses coming into the 2026 Reshoring Survey and their heat map has some significant “cold spots.”

Source: Reshoring Initiative

Despite industrial output, the Reshoring Initiative has seen little to no participation from:

• Indiana: Often ranked number one in manufacturing as a percent of state GDP
• Michigan: The historical heart of the U.S. automotive industry
• Arizona: A leading hub for semiconductors and aerospace
• Tennessee and Alabama: Modern hubs for automotive and critical equipment
• South Carolina and Georgia: Centers for aerospace, automotive and more.

The Reshoring Initiative needs participation from these vital regions. With their participation, the Reshoring Initiative can provide the insights necessary to support U.S. re-industrialization.

The nationwide 2026 Reshoring Survey will remain open to respondents through July 15, 2026. The survey will gather experience and insights from manufacturing operations, supply chain/procurement decision-makers and contract manufacturers.

The Reshoring Initiative invites OEMs and contract manufacturers CMs to participate in this brief survey about the current trends in reshoring and FDI, shifting manufacturing operations and sourcing to the United States.

Your participation in the 2026 Reshoring Survey can help influence national policy. To access the full list of resources offered by the Reshoring Initiative, visit www.reshorenow.org/resources/.

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The art of reshoring: A better trade balance

Reshoring decisions respond better to cost competitiveness and predictability than to trade barriers and uncertainty.

The driving force of offshoring has been and is that United States manufacturing costs are 10%–50% higher than in almost all competitor countries.

Competing industrial economies like China undervalue their currencies, making their exports less expensive globally, while our overvalued dollar makes U.S. products more expensive and less competitive. As a result, we import many more goods than we export, leading to the large trade deficits of the last several decades ($1.26 trillion goods deficit for 2025). To address this, a targeted revaluation of the U.S. dollar (e.g., by 20%) would improve cost competitiveness and drive both reshoring and more exports. Let’s dig in:

Tariffs and currency strength

Weak demand and tariff impacts are weighing heavily on companies, with recent U.S. military actions increasing uncertainty and complexity. Tariffs provoke retaliation from trading partners, further reducing exports and introduce policy uncertainty that discourages long-term U.S. investment. Consequently, investors move capital into assets perceived as “safe havens,” like the U.S. dollar. This flight to safety strengthens the U.S. dollar, making U.S. goods and services even less competitive.

U.S. jobs steady or surging

U.S. 2025 reshoring job announcements are holding steady but could climb substantially if tariff policies become more measured, stable and long term. As global supply chains grapple with tariff uncertainty, there are many announcements of projects that are “in the works,” and other “solid” announcements from recent years that may be canceled. Ongoing tariff uncertainty and mixed messaging have slowed many reshoring and foreign direct investment (FDI) announcements and delayed action.

A 2025 Reshoring Initiative Report Preview projected that approximately 240,000 reshoring jobs were announced in 2025, down by about 7% from 2024. This is still a solid outcome given the policy uncertainty, the inevitable lag between policy changes and project announcements.

More announcements on deck

Many more reshoring and FDI announcements are on deck as companies await clarity on tariff policy. Current Reshoring Initiative data does not include many of the reshoring and FDI projects cited by President Trump as $21 trillion and restated by Bloomberg as $7 trillion. These projects largely reflect companies in a “pending” posture—developing plans for U.S. reshoring or FDI that they intend to activate if/when tariff structures become firm and predictable.

Tariff complexity

U.S. manufacturing activity slipped to a 14-month low in December with falling new orders and high-input costs continuing a trend of uncertainty and weakness. Yale Budget Lab estimated the administration’s trade policy has raised the average tariff on imports to 17% up from 3% YOY.

Manufacturers are reducing orders for inputs and raw materials due to the uncertainty. Many manufacturers have indicated that the constantly shifting tariffs are making it impossible to strategize and proceed with large investment decisions. Companies need stability for multi-year planning for building new facilities and establishing supply chains.

A better proposal

The strong U.S. dollar poses significant challenges to domestic manufacturing and reshoring efforts. The USD is overvalued 20% vs. developed countries and 100% vs. China and other EM countries. Reshoring decisions respond better to cost competitiveness and predictability than to trade barriers and uncertainty. An approach that avoids an excessively strong USD will support domestic reshoring and supply chain resilience better than a tariff-based approach.

A firm, long-term tariff is much better than no action at all to address our cost competitiveness problem. However, a 20% lower USD, reversing some or all of the USD’s overvaluation against developed countries plus a 25% tariff on China, is preferred, since it reduces imports and increases exports. Tariff uncertainty does the opposite.

I offer a better proposition: A lower USD as opposed to tariffs to improve U.S. manufacturing competitiveness and incentivize reshoring. A policy that encourages a lower U.S. dollar offers, vs. tariffs, a more effective, efficient and sustainable strategy to reshoring.

MAC and a competitive U.S. dollar

Dr. John Hansen, a former economic adviser at the World Bank, developed the MAC financial mechanism to restore a competitive dollar. A more competitively valued dollar will restore global competitiveness to American factories, reduce our growing dependence on imported goods, generate billions of dollars and accelerate economic growth by eliminating the negative effects of the current trade deficit that reduces our GDP growth rate.

The Market Access Charge

The Market Access Charge, or MAC, is a small variable tax on all foreign capital inflows into U.S. financial markets. It is a financial mechanism designed to address the U.S. trade deficit and currency valuation issues.

This tax, perhaps 1% 1x on each transaction, is designed to correct trade imbalances and accomplish four key goals: increase exports; reduce imports; encourage FDI in U.S. factories instead of in U.S. financial assets; and generate revenue for infrastructure and workforce training. The Reshoring Initiative supports MAC as a solution.

The U.S. 250th anniversary

The U.S. will celebrate its 250th anniversary in 2026. As we contemplate the Declaration of Independence, we are reminded of the nation’s foundational ideals rooted in freedom, self-reliance, equality and human potential. Those ideals are essential to a healthy domestic manufacturing industry and manufacturing is essential to our American identity and economic and national security. We believe a more competitive dollar, targeted industrial policies and skilled workforce development is a comprehensive solution to support and expand America’s domestic manufacturing industry.

Harry Moser is founder and president of Reshoring Initiative.

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Reshoring: The Domestic Manufacturing Shift

(Photo: Adobe Stock / Chopang Studio)

By Howard Riell
From the March/April 2026 Issue

The trend among so many American companies of reshoring—bringing manufacturing and more back to the United States—is proving to be seismic. Under President Donald Trump, many major companies have announced large investments in U.S. production expansions during 2025 and now in 2026, signaling a shift back toward domestic production in strategic sectors.  

GlobalFoundries, for one, has said it is investing $16 billion to reshore chip manufacturing. Stellantis, the owner of Jeep, Ram, Dodge, unveiled a $13 billion U.S. manufacturing investment. And Johnson & Johnson plans to spend $55 billion to build facilities in the United States, partly responding to trade and supply chain pressures.  

Federal announcements in 2025 point to more than $200 billion in multi-year U.S. investment commitments, led by major life sciences companies. In addition to Johnson & Johnson, other significant announcements came from AstraZeneca ($50 billion), Bristol Myers Squibb ($40 billion), GSK ($30 billion), and Eli Lilly and Company ($27 billion). While not always labeled as reshoring, these projects represent significant domestic capacity expansion aligned with federal priorities. 

Activity has been especially concentrated in four sectors: pharmaceuticals, semiconductors, advanced manufacturing, and energy and data infrastructure—industries increasingly tied to national security and supply chain resilience.

On the employment side, reshoring and foreign direct investment continued to generate substantial, if moderating, gains. Approximately 244,000 U.S. jobs were announced in 2024, down slightly from the 2023 peak. While investment momentum remained strong in 2025, job creation is scaling more gradually as projects move from announcement to operation.

These investment announcements are significant, and jobs numbers are substantial compared with historical levels. Companies have cited numerous reasons for bringing manufacturing or business operations back home after they had previously been moved overseas. These include supply chain reliability, tariffs or trade policy changes, rising overseas labor costs, automation reducing labor-cost advantages, national security concerns, and Made in USA branding benefits. 

American Machinist is reporting that industry surveys and analyses suggest that reshoring will continue to grow if the U.S. significantly expands its skilled manufacturing workforce. In fact, if American companies can fill more skilled jobs, some studies estimate that a meaningful share of currently off-shored production—as much as 30% of OEM-offshored products—could come back. 

Reshoring: A Broader View

“Reshoring to the U.S. has experienced steady, moderate growth over the past 10 years, and I expect that to continue,” predicts Rosemary Coates, Executive Director of the Reshoring Institute in Los Gatos, CA, which provides expert guidance on global manufacturing strategy.

“The bigger story is that now companies are considering the global landscape and choosing multiple places to source and manufacture,” Coates continues. “This new way of thinking mitigates the risks of regionalized disasters and geopolitics and allows companies to take advantage of low-cost labor. It is also an opportunity to develop new markets and customers and manufacture products close to where they are sold, thereby reducing carbon footprint and developing sustainability programs. What I see is not just reshoring, nearshoring, or friendshoring, but global supply chain management that is rethinking its world.”

She adds, “What we are seeing from our Reshoring Institute clients is a movement away from China and into other Asian countries and Mexico. Mexico has become a very attractive destination because of its low-cost labor and rapidly developing manufacturing capabilities.”

 Still, geopolitics and the Trump Administration’s changing tariff policy has made selecting alternate global manufacturing locations a challenge. Says Coates, “Companies are unsure of what tariffs might be imposed, causing additional costs on importing raw materials, parts, and finished products. While long-term, this may result in reshoring, in the short term, it increases costs.”

Long before a site selection begins, Coates explains, the Reshoring Institute encourages companies to analyze their product cost structures so that they have a clear picture of the percentage of production that is related to materials and what percentage is related to labor. She points out: “If labor is greater than 50% of the overall cost, then a low-cost labor area is very important.”

(Image: Adobe Stock / Foxeel)

Foreign-Trade Zones: Place To Land 

Jeffrey J. Tafel, CAE, President of the National Association of Foreign-Trade Zones (NAFTZ), emphasizes that foreign-trade zones are “a proven competitiveness tool for reshoring, helping manufacturers/importers/exporters lower total landed costs, mitigate tariff exposure, defer duties and improve cash flow—often enough to shift the ROI in favor of U.S. investment.” 

NAFTZ, an association of public and private members, is the collective voice of the U.S. Foreign-Trade Zones Program. Association members increasingly use foreign-trade zones not just for duty savings, Tafel explains, “but as resilience platforms that enable flexible sourcing, domestic assembly, and faster response to customers. For nearshoring in Mexico and Canada, U.S. FTZs complement USMCA (The United States-Mexico-Canada Agreement) by supporting more integrated North American supply chains—allowing firms to optimize cross-border flows while keeping higher-value operations anchored in the U.S.” 

Cost volatility, supply chain risk, geopolitics and customer proximity are all converging to reshape sourcing strategies. 

“NAFTZ consistently hears that unpredictable tariffs, shipping disruptions and geopolitical exposure have made ‘lowest-cost country’ models far riskier,” says Tafel, “while U.S. FTZ benefits and state and local incentives materially narrow the cost gap for U.S. locations. Being closer to customers improves speed and customization, making reshoring and nearshoring a strategic risk management decision, not just a cost play.” 

Supply chain resilience has helped change the way manufacturers evaluate sites today compared to five years ago. Says Tafel, “Site selection has shifted from a primary focus on labor and tax incentives to a broader resilience lens that prioritizes logistics access, supplier redundancy, regulatory readiness and the ability to pivot sourcing quickly.” 

From NAFTZ’s perspective, companies are integrating trade compliance and tariff strategy earlier in site selection—recognizing that operational flexibility and trade tools like U.S. FTZs are now core competitive advantages, not back-office considerations. 

Many firms are positively surprised by how much total landed cost can be reduced through U.S. FTZ benefits, incentives, and logistics efficiencies when viewed holistically, Tafel points out. “Similarly, companies often underestimate the true cost of offshore complexity—inventory carrying costs, compliance burdens, disruption risk and lost revenue from slow response times—which reshoring can materially reduce.” 

Case In Point: John Deere, GE Appliances

Other companies are likewise looking forward and underscoring that there is no place like home. 

In keeping with its self-described “strong tradition of building America,” Moline, IL-based John Deere has rolled out plans to open two new U.S.-based facilities: a state-of-the-art distribution center near Hebron, IN, and a cutting-edge excavator factory in Kernersville, NC. Both are set to open within the next year.  

The Kernersville campus reshores manufacturing and production from Japan. The company already operates over 60 facilities across more than 16 states. 

“Our investment in these new facilities underscores John Deere’s dedication to strengthening the backbone of American industry and supporting local economies,” said John May, Chairman and Chief Executive Officer of the manufacturer of agricultural, construction, and forestry machinery, turf care equipment and diesel engines. “We believe in building America, and these projects represent our intent to continue driving innovation and job creation in the United States.”

“These investments further demonstrate our commitment to invest $20 billion in U.S. manufacturing over the next 10 years,” May said. 

Another example: last summer, GE Appliances, a Haier company, said it would invest more than $3 billion over the next five years in its U.S. operations, workforce, and communities. The first phase of investments will begin at GE Appliances plants in Kentucky, Alabama, Georgia, Tennessee, and South Carolina. Upon completion of this plan, GE Appliances will have invested $6.5 billion across its U.S. manufacturing plants and nationwide distribution network since 2016. 

Workforce “Foundational”

What lies ahead? Workforce availability and skills are “foundational” to reshoring decisions, NAFTZ’s Tafel believes, even as expectations evolve toward technical roles supported by automation.  

And Coates observes, “While workers may be available, they often do not have the skills to operate in a sophisticated and automated manufacturing environment. I often say we have a skills shortage in the U.S., not a labor shortage. There needs to be more emphasis on education—particularly engineering—and the development of community college programs and apprenticeships.”

With more than 4,000 new U.S. jobs added since 2016, and more than 1,000 new jobs anticipated from its five-year plan, GE Appliances places employees as central to its growth strategy.

“Infrastructure and tools matter, but they are not enough,” said Bill Good, GE Appliances’ Vice President of Supply Chain. “America’s manufacturing renaissance will be built by people. That’s why we’re partnering with universities, technical schools, and high schools to develop the next generation of manufacturing leaders. We’re not just bringing jobs back—we’re bringing purpose, pride, and possibility back to American industry.” 

For its part, NAFTZ sees firms pairing FTZ-enabled cost savings with deeper investments in training partnerships and workforce pipelines to make reshoring viable, increasingly prioritizing regions that can demonstrate sustained talent development and adaptability. 

Tafel maintains that reshoring’s momentum will depend on policy stability, predictable trade and tariff regimes, workforce readiness, and sustained infrastructure investment.  

“NAFTZ believes momentum will continue if companies can plan with confidence—knowing U.S. FTZs, incentives, and trade programs will remain reliable tools to offset cost pressures,” he concludes. “Increased policy volatility or talent constraints would risk slowing the pace of investment.”

— Snapshots —

Snapshot: Puerto Rico

Puerto Rico offers a compelling reshoring value proposition as a U.S. jurisdiction with global reach. Companies benefit from full access to the U.S. market, strong legal and intellectual property protections, and eligibility for federal programs, while operating within a cost-competitive structure. The island’s long-standing manufacturing base, particularly in biosciences, medical devices, and advanced manufacturing, is supported by a highly skilled, bilingual workforce and mature supplier networks. 

Puerto Rico’s strategic location provides efficient access to North America, Latin America, and Europe, helping companies reduce transit times and strengthen supply chain resilience. Incentives under Act 60 and a streamlined business-establishment process further enhance competitiveness for high-value operations, particularly those seeking long-term operational stability within the U.S. 

Recent expansions reinforce this momentum. Amgen, Eli Lilly, CooperVision, Terumo, Millicent Pharma, and others continue to invest and expand on the island —underscoring Puerto Rico’s role as a proven reshoring destination within the United States.

Snapshot: U.S. Virgin Islands

As companies rethink global supply chains, the U.S. Virgin Islands (USVI) emerges as one of the most strategically advantaged U.S. jurisdictions for reshoring and nearshoring. As a U.S. territory outside the U.S. customs zone and exempt from the Jones Act, the USVI allows foreign-flag vessels to move goods directly between the Territory and global markets, reducing shipping constraints and expanding routing options.

On St. Croix, the South Shore Trade Zone features commercial land for development, available warehouse space, and direct access to deep-water ports accommodating drafts of up to 30 feet. An international airport in the zone, with warehouse facilities in close proximity, further enhances multimodal connectivity, enabling efficient movement of goods from port to port and air to sea.

Coupled with competitive tax incentives and a stable U.S. legal framework, the USVI stands out as a resilient, flexible, and globally connected destination for manufacturers, logistics providers, and distributors positioning for long-term growth in the Americas and beyond.

Check out all the latest economic development, corporate relocation, corporate expansion and site selection news related to reshoring and nearshoring.

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Palantir CTO says artificial intelligence is key to reshoring American manufacturing

Could artificial intelligence be the key to reshoring American manufacturing?

That’s what Palantir’s chief technology officer, Shyam Sankar, believes. His new book, “Mobilize,” asserts that America can prevent World War III by rebuilding its industrial base with AI-powered workers who can outcompete China’s automated factories.

“If you can make the American worker 50 times more productive than any other worker, you can change the math equation and underwrite the business case to re-industrializing at scale,” Sankar told me.

Palantir CTO Shyam Sankar believes, “If you can make the American worker 50 times more productive than any other worker, you can change the math equation and underwrite the business case to re-industrializing at scale.” Bloomberg via Getty Images

“Mobilize” is a remarkably optimistic book that counters the narrative that AI is going to destroy all our jobs (and maybe humanity as a whole). Instead, it argues AI will bring production back to the US, restoring our manufacturing capabilities and that sector’s jobs, while making our nation more secure.

“AI is leading to more jobs — and I’m not talking about ephemeral jobs building data centers,” Sankar said, refuting the prevailing doom-and-gloom narrative around artificial intelligence. “I’m talking about persistent jobs … on the factory floor.”

Sankar applauds what he calls the “heretics” who built our country — innovators like Hyman Rickover, the “Father of the Nuclear Navy,” whom higher-ups initially dismissed, placing his office in a converted bathroom until he proved himself. He’s a big believer in rule-breakers who eschew bureaucracy, and that’s exactly why he thinks America will win.

The 44-year-old is uniquely positioned to make this argument. He’s one of a handful of voices in Silicon Valley with both deep technical expertise when it comes to government systems — he’s spent over a decade ironing out deals with the Pentagon — and a strong sense of patriotism.

Czinger Vehicles uses AI-optimized design software and advanced 3D metal printing to create ultra-lightweight, high-performance supercars with components that can’t be manufactured through traditional methods. Carlin Stiehl for NY Post

The book’s publication comes at a fortuitous moment. War is on everyone’s mind with the conflict in Iran (not to mention the recent intervention in Venezuela and Cuba possibly next). Reshoring has become bipartisan policy, with the CHIPS Act pouring $39 billion into domestic manufacturing, and AI anxiety dominates headlines.

“For a long time I feel like I’ve been screaming into the wind — I’m glad to see that there’s momentum around this,” Sankar said. “It’s a book about our national interest … we’ve survived for 250 years. How will we continue to thrive for the next 250 years? 

He believes the AI race has given America an edge to dominate what could have been a Chinese century, given the Asian superpower’s vast resources and manufacturing capabilities. It’s the kind of game-changing advantage that will help America reshore in record time — and he wants America to grab it by the horns.

He’s already seen Palantir customers adopting the technology. One submarine parts manufacturer used AI to cut planning time from two weeks to ten minutes and hired a third shift as a result.

Alex Karp co-founded and runs Palantir, which builds data analysis and AI systems for military and intelligence agencies. Getty Images

“That’s AI in the hands of the American worker,” Sankar enhused.

These aren’t isolated anecdotes. Defense companies like Anduril, Hadrian, and Divergent are scaling their manufacturing operations in the US, betting on AI-enhanced American workers over overseas alternatives. Firms like Andreessen Horowitz have launched funds like American Dynamism exclusively focused on American innovation.

This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC’s power players (and those who aspire to be).

Palantir works extensively with both the Pentagon, building data analysis and AI systems for intelligence agencies, and the Department of Homeland Security. While critics see this as the tech industry cozying up to the military-industrial complex, Sankar wants to see more companies embrace helping the military.

In fact, he points to some of the primes — huge defense contractors such as Boeing and Lockheed Martin — as part of the problem

“Consolidation bred conformity … it was more financial engineering than real engineering,” he said. “Competition, not coziness, drives progress.”

“For a long time I feel like I’ve been screaming into the wind,” Sankar said of the need for reshoring manufacturing. “I’m glad to see that there’s momentum around this.”

But Sankar’s larger point is that production and innovation are inseparable — cede one, and you’ll eventually lose the other.

“The central lie of globalization is, ‘Hey, we’ll do the innovation over there, they’ll do the production,’” he explained. “Well, guess what? If you do the production for long enough, that’s all the stimulus you need to figure out how to innovate … We cannot cede production.”

A key component of Sankar’s plan is returning to the World War II model: companies that can pivot from manufacturing consumer goods to weapons when needed. When General Motors and Ford famously retooled for war production, they succeeded because they already had mass manufacturing capabilities in place, so they could rapidly switch what they were building.

That adaptability, not simply stockpiles of weapons, is what actually deters conflicts, Sankar argues.

Hadrian builds AI-powered automated factories that manufacture precision aerospace and defense components. Hadrian

“The lesson of Ukraine that I just can’t unsee is that the stockpile is not the deterrent. That has been our core strategy since the end of the Cold War,” he said. “[In Ukraine], we went through ten years of production in ten weeks of fighting. That should have been a five alarm fire where we fired up the forges started rebuilding the arsenal of freedom.”

His vision demands a complete reimagining of American manufacturing capacity. “I want more than ten times more of the equipment that we have,” he said. “That’s going to force you to reimagine all your constraints.”

The stakes couldn’t be higher, and it’s not just about the defense sector.

“Eighty percent of our generic drugs come from China,” Sankar noted. “In a [potential war] with China, where the average American has to choose between their five-year-old dying of an ear infection because we no longer have generic antibiotics … and having the national will to fight, what do you think is going to happen?”

It’s this dependency crisis that drives Sankar’s sense of urgency. America faces a stark choice. He said, “We can fade away to irrelevance and subjugation, or we can actually mobilize.”

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