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Building in the US would not be a one-for-one translation on labor costs. The Foxconn and Pegatron factories that Apple use in China are heavily labor-intensive. Building in the US they could use a far more capital-intensive process, reducing labor requirements by more than the increase in cost of labor.

Also, labor costs in China ARE increasing - quadrupled since 2006. Companies are starting to reassess where they build things because of this. Some will invest in improved machinery in the Chinese factories to reduce labor, some will move to other low-cost countries, and some will return back to the West.

If the US Gov't can take steps to make manufacturing in the US more attractive again (reducing/repealing taxes and regulations), many more companies may choose that third option.