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84 PCB007 MAGAZINE I DECEMBER 2022 Woven into almost every economic story these days is "reshoring," a word most Ameri- cans had never heard just 18 months ago. For decades, market pressures and foreign subsidies drove manufacturing of everything from socks to semiconductors overseas. Poli- cymakers and economists called this "offshor- ing." is shi was the natural consequence of an increasingly interconnected world, new trade agreements, and a period of unprece- dented global peace and security. Consumers reaped the benefits of offshor- ing in the form of inexpensive goods. But as the COVID-19 pandemic made clear, we paid a price for sending the production of critical technologies overseas. Disruptions to unpre- dictable supply chains and dependence on technology in far-off locations led to sudden price surges and empty store shelves. is should be a real wake up call for both gov- ernment and industry. Chasing the low-cost option without considering the broader long- term implications brought us to where we are today. e effects of offshoring have been especially dramatic for the PCB industry. Two decades ago, nearly 30% of the world's printed circuit boards were made in America. Today that number is just 4%. e number of PCB com- panies fell from 2,000 to fewer than 150. And while the loss of manufacturing is alarming, we have also lost intellectual property, capi- tal assets, and the accumulated knowledge of thousands of U.S. employees. e good news is that policymakers have acted to reshore select microelectronics by passing the CHIPS and Science Act, which will invest more than $50 billion through grants and tax credits into building new facilities in the United States. The Three Essential Ingredients of Reshoring American Made Advocacy by Travis Kelly, PCBAA