More and more U.S. companies are moving their production and manufacturing facilities back home due to the pandemic supply chain snarls and the insufficient production abroad.
As a result, it has become "a huge incentive to set up shop here in the United States," Dodge Construction Network Chief Economist Richard Branch said on Yahoo Finance Live (video above).
For decades, American firms have been shifting their production facilities abroad in pursuit of cheaper materials and labor. The pandemic, however, revealed the weak global supply chain while also accelerating the move to bring manufacturing back to America.
"It's certainly clear that manufacturers want more control and more predictability over their supply chains than what they've gotten used to over the past couple of years," Branch said.
