Walmart has continued to build on its commitment to the Made in USA movement, revealing Thursday that its total intended spend on American manufacturing will amount to $250 billion over the next ten years.
The retail giant announced in January 2013 that it would buy an additional $50 billion in U.S. products over ten years in an effort to revitalize U.S. manufacturing and create domestic jobs. Considering what Walmart spends each year on American goods, $250 billion is the company’s pledged cumulative investment for the next decade.
On Thursday, Walmart, the Walmart Foundation and the United States Conference of Mayors (USCM) launched the Walmart U.S. Innovation Fund, which will supply eligible non-profit organizations with grants of $100,000 or more to aid in creating solutions to challenges companies face with regard to producing at home and growing the U.S. manufacturing industry. Grants will be funded by the Walmart Foundation.
For the first year, Walmart said the initiative will focus on innovation in textiles manufacturing and in common manufacturing processes like small motor manufacturing and tooling for injection molding, both processes that apply to a broad range of consumer goods.
Cindi Marsiglio, vice president of U.S. sourcing and domestic manufacturing for Walmart said, “Through the Walmart U.S. Manufacturing Innovation Fund, we hope to help remove the barriers to revitalizing and growing U.S. manufacturing, creating jobs and building a stronger American economy.” She added, “This is part of Walmart and the Walmart Foundation’s broader commitment to foster new ideas and jobs to promote strong communities and grow America’s manufacturing footprint.”
The Innovation Fund is another part of Walmart’s overall commitment to reshoring and, according to a company statement, “It represents a significant investment to accelerate U.S. manufacturing and create American jobs. The Boston Consulting Group estimates the initiative will add 1 million jobs in the United States.”