Why are we doing this project now?
As the global economy changes, the conditions that once made it profitable to manufacture products overseas are disappearing. Companies understand the total costs of offshoring (logistics, quality issues, customer access, etc.) possibly outweigh narrowing differences in labor costs. These businesses are likely to seek domestic communities that understand their place in a global marketplace.
What is this project about?
The project is about bringing together a coalition of regional partners to 1) better understand the niche opportunities for the region in the emerging manufacturing reshoring and near shoring trend and 2) to develop a responsive strategy that leverages advanced manufacturing technologies, the region’s assets, technical workforce, education institutions and networks and coordinates a regional approach in order to be a destination location for portions of such reshoring work.
What assumptions are we making?
The project assumes that manufacturers and economic developers in the region need more information about resources and capabilities of other manufacturers in the region as well as ways that they might be able to collaborate in areas that were previously ceded to overseas manufacture.
What will be the output of the project?
The project will result in a strategy, developed with and for the region, which identifies pathways to help manufacturers and communities pursue reshoring and near-shoring opportunities. The strategy will help refine short and long term objectives and a plan to achieve them.
What are the first steps?
Short-term plans are:
o Understand the manufacturing basis and strengths of the region
o Understand the intersection of reshoring trends and local realities
o Understand the potential supply chain opportunities in targeted sectors
o Raise awareness about reshoring/nearshoring as potential opportunities
o Begin the network weaving process.
What are the goals of the project?
o Identify new business opportunities for the region’s manufacturers
o Cultivate collaborative opportunities among the region’s manufacturers
o Identify new skills and technologies for potential future investment
o Stimulate manufacturing entrepreneurial activity within the region
o Identify new employment opportunities for interested youth
o Strengthen the global competitiveness of region’s manufacturing sector