The diversification of supply chains is not a new conversation, but global disruptions and recent developments have presented strong cases for reshoring manufacturing opportunities. According to recent data, the switch to nearshoring is happening much faster than predicted in 2021. The initial prediction was that it would happen slowly, over the course of five (or more) years, but data recently collected by Capterra shows that even for 2022, those numbers were higher than what was predicted; 2023 is shaping up to continue the rapid upward trend. According to the same report, U.S.-based businesses cited shorter supply chains, lower labor costs, and transportation infrastructure as a few of their many incentives for switching to nearshoring. An article recently published by Freight Waves covers the topic of nearshoring, as well as the information published from Capterra.
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