No. 1 in foreign investment jobs

MAadminEconomic News, News

From The Tennessean – Nate Rau

Tennessee led the nation in jobs created by foreign investment in 2013, according to the new Global Location Trends Report by the IBM Institute.

The annual report measures job commitments due to direct investments by foreign companies. Foreign companies have 864 operations in Tennessee, representing more than 116,000 jobs and an investment of more than $30.1 billion.

The state was No. 1 in terms of raw number of jobs and jobs per capita, according to the report, which is held up as an industry standard in the economic development community.

Tennessee runs economic development recruitment offices in Canada and Japan, along with export assistance offices in Mexico, the U.K., the European Union and China.

“Our number one ranking by the IBM Institute has validated the significant focus and effort we have put toward the recruitment of international companies to Tennessee,” state Economic and Community Development Commissioner Bill Hagerty said.

State ECD projects have lured 52 commitments from foreign-owned companies, creating 9,215 jobs and $1.68 billion in capital investment. Foreign direct investment from those projects accounted for just under 40 percent of all new jobs in the state in 2013.

Hankook Tire, Calsonic Kansei North America and UBS were among the companies bringing projects to Tennessee last year.

“Tennessee is clearly an attractive place for foreign-owned companies to invest,” said Roel Spee, global leader for IBM Plant Location International. “The state’s first-place ranking illustrates just how strong a competitor Tennessee is in the global marketplace and the momentum the state possesses in recruiting new foreign investment projects.”

The United States ranked No. 1 globally in foreign direct investment, including a 6 percent increase from 2012.

Texas came in second behind Tennessee, with Georgia third, Ohio fourth and Michigan fifth. Tennessee ranked ninth in overall project value, according to the report, which was based on data culled from IBM’s proprietary database.

Top 5 states for jobs created by foreign investment in 2013

1. Tennessee
2. Texas
3. Georgia
4. Ohio
5. Michigan

Top countries for jobs created in Tennessee in 2013

1. Japan
2. South Korea
3. Switzerland
4. United Kingdom
5. Germany

Source: IBM Global Location Trends Report

Maury County
Locally, we have received FDI from Japanese, Italian, Canadian, and Chinese companies. FDI plays an integral role in economic development efforts and we will continue to aggressively pursue these opportunities. Furthermore, we will work hard to ensure that foreign-based companies that have invested in Maury County are welcomed to the community, supported, and ultimately successful.Travis Groth, Maury County Chamber and Economic Alliance

 

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