More manufacturing companies are choosing to stay in the United States, as the cost of doing business rises around the globe, according to news from Resource MFG, a manufacturing skills recruiting and staffing group.
Even with the drop in the euro, and the rise of the dollar, the United States is the cheapest place to manufacture goods in the developed world, the group reports, but costs remain less expensive in the Czech Republic and Poland. China, Mexico, South Korea and India have become more expensive.
The United States has other competitive advantages: it’s own oil and gas reserves and increasing production has offset the cost of rising wages, the group said.
The trend could mean a boost to the U.S. economy, as manufacturers create more jobs. The trend, known as “restoring” means that the cost of doing business overseas is leveling out across the globe, making manufacturers rethink where they should move production.
For more on the trend, click here.