Irish companies have long recognised the opportunities presented by the United States market, based on a strong relationship supporting job creation, economic growth, and trade in both directions.
By Leo Clancy, CEO, Enterprise Ireland
This article was originally published in the Ireland INC US 250 Index 2024 Special Report. To read the latest issue, click here.
Over 900 Irish-owned companies are actively exporting to the U.S., with approximately 73% maintaining a full-time presence in the market. These presences range from single-person sales offices to large manufacturing operations employing thousands.
The U.S. is the second-largest export market for Enterprise Ireland client companies, representing a record €5.9 billion in exports in 2023. Notably, the U.S. is also the largest export market for Enterprise Ireland’s technology clients, with exports exceeding €1.1 billion in 2023.
However, the story of Irish companies in the US is not just, or even mostly, an export one – it’s about investment.
Recent data from the U.S. Bureau of Economic Analysis highlights the accelerated pace of Irish investments in the U.S.. Ireland now stands as the 7th largest source of Foreign Direct Investment (FDI) in the U.S., with Irish origin investments valued at $322 billion. Across the U.S., more than 100,000 people are employed by Irish companies, driven by the high demand for innovative products and services from Ireland.
This is a huge sign of commitment from companies coming from a country of only 5 million people.
Enterprise Ireland has six offices across the U.S.. These offices have supported the establishment of around 80 new U.S. presences by Irish client companies over the last 18 months. This expansion and investment by companies in the U.S. is an increasing focus for Enterprise Ireland. We are currently planning to expand our U.S. presence in 2025 to meet the demand and maximise the opportunity for both our nations.