A new report from the Brookings Institution presents an analysis of data on jobs created by foreign direct investments (FDI) in the nation‚Äôs 100 largest metropolitan areas.
The report shows that metros get a larger share of the jobs in foreign-owned establishments (FOEs). The top 100 metros get 74 percent of all FOE jobs in the United States.
The average large U.S. metro area gets FDI from 77 city-regions spread across 33 countries¬†around¬†the globe. All put together, companies based in 445 city-regions spread across 115 countries have made direct investments in the U.S.
The U.S. affiliates of foreign-owned companies directly employ 5.6 million workers across all sectors of the economy.
FDI accounts for 5.5 percent of private employment in the average large metropolitan area, although there is a lot of regional variation. You can see the details for each of the 100 metros using this interactive map.
The Bridgeport-Stamford-Norwalk, CT MSA has the highest (13.4) percentage of FDI jobs as a share of total employment, followed by Worcester, MA with 10.2 percent and the Greensboro-High Point, NC metro area with 9.6 percent.
The data also shows that increases in the number of FDI-supported jobs in the average year are less due to new FDI influxes and more a reflection of mergers and acquisitions where U.S. companies are acquired by foreign owners, resulting in existing jobs simply being moved into the FDI column.
There are 66,341 jobs that are supported by FDI in Washington State‚Äôs Puget Sound region, which includes the Seattle metropolitan area as well as the Bremerton metropolitan area.
Ed Stern, Poulsbo City Council member and president of the board of the Economic Development District of the Puget Sound Regional Council, said that the data from the Brookings report will help them make more informed decisions while crafting strategies for attracting more FDI to the region in ways that support their economic development goals and shared values.
The Puget Sound region has been part of the Brookings Global Cities pilot program that is helping metro areas develop and implement plans for securing and sustaining FDI.
The effort is being lead by the King County/Seattle Economic Development Council and the Trade Development Alliance of Greater Seattle, in partnership with a coalition of government, business and education leaders from the region.
‚ÄúTens of thousands of salaries in the Central Puget Sound are paid by foreign-owned companies, and these new findings point the way to even greater economic opportunity and prosperity,‚Äù said King County Executive Dow Constantine.