Rising labor and other costs overseas, the desire to reduce supply chain uncertainty and increased transportation costs are driving interest in re-shoring by U.S. producers of goods, according to a June survey by the National Association of Manufacturers (NAM). That bodes well for commercial insurers working in this increasingly competitive market.
Manufacturing and construction were the two industries hardest hit by the recession, accounting for roughly half of the nation's job losses during 2008 to 2009—including 2.3 million workers in the manufacturing sector alone, according to Chad Moutray, NAM's chief economist.
Since then, the manufacturing industry at large has “learned to do more with less” and has slowly started to bounce back, he says, even showing gains in employment: A little over 10% of all jobs created in the economy over the past two years came from the manufacturing sector.
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