New report showing increased reshoring means greater U.S. minerals demand
On Tuesday, IndustryWeek highlighted the Reshoring Initiative’s annual report, which states that more than 60,000 manufacturing jobs returned to the United States in 2014. This reflects a 400 percent increase from 2003. Harry Moser, president of the Reshoring Initiative, shares his insights:
“…the trend in manufacturing in the United States is to source domestically. With 3 to 4 million manufacturing jobs still off shore, we see huge potential for even more growth and hope this data will motivate more companies to reevaluate their sourcing and siting decisions.”
This new report demonstrates that the demand for U.S. minerals will continue to grow since minerals mining is the bedrock of the manufacturing industry. From lifesaving medical devices to national security and advanced energy technologies, minerals and metals are the essential building blocks of modern technology and manufacturing processes. Take just one metal for example: silver is one of the most versatile metals on Earth and an active ingredient in medical products, armored military vehicles and solar panels. Although the United States is home to $6.2 trillion worth of key minerals and metals, less than half of the mineral needs of U.S. manufacturing are met from domestically mined minerals, a figure that concerns a large majority of U.S. manufacturing executives.
In order to support our domestic supply chain and meet the Reshoring Initiative’s goal to boost our manufacturing sector, job growth and the economy, the U.S. mine permitting process needs to be reformed. Thankfully, both Rep. Mark Amodei (R-Nev.) and Sen. Lisa Murkowski (R-Alaska) have introduced legislation to revitalize the United States’ mineral supply chain and improve the efficiency of the current permitting process.