Savills
December 2023 - Industrial
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Activity may slow in 2024 due to the economy, the presidential election and electric vehicle (EV) adoption
2024 Outlook
01
02
03
For more information, please contact us:
Mark Russo
Senior Director, Head of Industrial Research
mrusso@savills.us
Gregg Healy
Executive Vice President, Head of Industrial Services
ghealy@savills.us
savills.us
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Tennessee
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The need for supply chain resiliency will support the reshoring trend through 2024 and beyond
Markets adjacent to new manufacturing plants will see increased warehouse demand
Special thanks to the collaborative efforts of all cross-function contributors who helped bring the inaugural Savills Manufacturing Report to life, including our data partners Harry Moser and Reshoring Initiative.
2023 - Industrial
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Manufacturing
Report
Manufacturing Hot Spots by Job Announcements
Click on the highlighted state below to view a detailed state dashboard
65k
jobs
#1
42k
#8
41k
#9
58k
#3
36k
#10
43k
#7
48k
#6
U.S. Manufacturing Job Announcements by Industry Vertical
Reshoring & Foreign Direct Investment (FDI)
Advanced industries are driving the recent U.S. manufacturing expansion
Large announcements are concentrated in Sun Belt and Midwest states
Access, infrastructure, labor, incentives and availability of land are driving location decisions
Megatrends
Between 2021 and 2023, 66% of reshoring job announcements were tied to EVs & batteries, chips, clean energy or biomanufacturing.
64k
#2
2021-2023
Back to Map
Source: Reshoring Initiative
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64,693
41,890
41,262
57,681
35,684
43,254
48,083
63,391
