Member Article

British investment creates 1 million US jobs

The UK is the largest foreign investor in the US, supporting nearly one million jobs across the country, according to the CBI’s sixth annual Sterling assets report.

As of year-end 2012, the UK had invested $487 billion in the US – almost $200 billion more than the next largest investor. This represents over 18% of the $2.7 trillion in foreign direct investment held in the US. Of the 943k jobs supported by British companies, almost one in four are manufacturing jobs.

The UK is reportedly the fifth-largest destination for US goods and services, and the largest by a wide margin in the European Union, with exports totalling $109 billion in 2013.

Every single state in America has workers in jobs that are created and sustained by British firms, with the state of New York leading the way in exports to the UK, shipping £5 billion in goods in 2013.

Simon Moore, CBI International Director, said: “The figures in this report show just how close the economic ties between the United States and the United Kingdom are, with both countries benefiting hugely from these links.

“The unique trading relationship between our two countries continues to thrive. With the US economy picking up, and TTIP (Transatlantic Trade and Investment Partnership) negotiations progressing well, companies on both sides of the Atlantic recognize the opportunities for good business and are pursuing them with vigour.”

Sterling assets 6: British investment creating U.S. jobs provides an overview of the impact of British-owned business on the American economy and highlights the commercial impact in all 50 states and the District of Columbia.

This was posted in Bdaily's Members' News section by Clare Burnett .