British investment boosts US economy and 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 $487bn in the US – almost $200bn more than the next largest investor. This represents over 18% of the $2.7tn in foreign direct investment held in the US. Of the 943,500 jobs supported by British companies, almost one in four are manufacturing jobs.
In addition, the UK is the fifth-largest destination for US goods and services, and the largest by a wide margin in the European Union, with exports totalling $109bn 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 £5bn 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.
Read Sterling assets 6: British investment creating U.S. jobs here >>
