Indeed it does...
I haven't been following them recently, but they have always seemed relatively clear about their parts sourcing, albeit their marketing department might take liberties.
The US has very strict laws about what is considered "Made in USA" in comparison to Switzerland and Germany, for example.
Still, although Shinola does not have a Made in USA watch (only RGM can say that, I believe) and is not the only company to do assembly or manufacture cases or other parts in the USA (e.g., Weiss, Minuteman, Kobold), they came in at an impressive scale. The fact that they assemble Swill Ronda quartz ebauche in the US is a bit of a marketing gambit, IMO, but it also is giving them the opportunity to train employees and get the methods down for watchmaking. If they continue to succeed and they feel the need, they will be only a few big machinery purchases away from creating only the second modern Made in USA mechanical watch movement, and at a much larger scale then RGM.
I have no interest in a $550 Shinola, but I do respect what they are doing.
I was just noticing from that link that Shinola offers several of their Runwell models in 47mm(!). I realize that oversized watches are kind of in fashion right now, but that seems fairly ludicrous to me. I can't even wear a 43mm comfortably on my wrist.
Also try the German makers Archimede and Muhle Glashutte. Good stuff.
Sweet, looks great! Can you share a photo of the dome-curvature of the crystal?
I've been eyeing this same exact model (my favourite variant) for a while (I don't own a diver), but I think I'll go with Aevig's Huldra instead (when it's back in stock or somebody decides to part with theirs... sigh).