European and US companies are rethinking where and how they make things and they are doing it faster than ever. But the money they are willing to spend is shrinking.
According to a new report by the Capgemini Research Institute, 73% of European and US companies now have a reindustrialisation strategy in place, up from 59% in 2024.
In Spain the figure is even higher, at 76% — a dramatic jump from just 45% two years ago.
The cash, however, is not keeping pace. Planned investment for the next three years has dropped from $4.7 trillion (€4.3tr) to $2.5 trillion (€2.3tr).
That is not, the report argues, a retreat. It is a recalibration, with companies shifting towards models that are "more selective and less capital-intensive".
