Posted by on January 11, 2012 at 3:21 PM EST
What is insourcing?
After decades of watching American companies take jobs to other countries, we're beginning to see entrepreneurs and manufactures make the decision to keep factories and production facilities here in the United States—or even bring jobs back to the U.S. from overseas.
How do we know this is happening?
For the past 22 months, the private sector has been hiring—to the tune of 3.2 million jobs. In 2011 alone, we saw private companies bring on almost 2 million new workers, more than in any year since 2005.
That's good news, even if we still have a lot of ground to make up. And if you dive into the numbers (like those compiled in this new White House report), you'll notice something interesting:
- Business investment is up, growing by 18 percent since the end of 2009
- We're exporting more goods and services to the rest of the world. As of October, American exports totaled $2 trillion -- an increase of almost 32 percent above the level in 2009
- Perhaps most importantly, the manufacturing sector is recovering faster than the rest of the economy.
Through the course of the past two years, the economy has added 334,000 manufacturing job, and that's the strongest two-year period of manufacturing growth since the 1990s.
Each of those facts is evidence of a growing trend of insourcing.
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