Ahead of Ireland Day on the New York Stock Exchange, we look at the story of Irish investment in the USA.
The story of US investment in Ireland is one that is well told, but what is often overlooked is the two-way relationship that exists, with figures quoted for numbers employed by Irish firms in the US ranging from 80,000 to 120,000.
The latest figures from SelectUSA and the US Department of Commerce, released in February, put Ireland as the eighth largest source of FDI in the United States in 2016.
It is a two-way relationship, once a country lane, US Irish commercial activity is now a superhighway
The top three industry sectors, by number of Irish FDI projects in the USA are: Software and IT Services; Business Services; Food & Beverage.
US Chargé d’Affaires Reece Smyth has noted, in an interview with the Sunday Independent, “It is a two-way relationship, once a country lane, US Irish commercial activity is now a superhighway valued at over at over $590bn. Irish firms, like CRH and Glanbia, have already invested over $85bn and employ more than 80,000 people in the US.”
According to the American Chamber of Commerce in Ireland, Irish companies in the US generated $113bn in sales from their US operations in 2015 and $41bn in US economic output.
It is a point of particular pride that Irish firms in the US employ almost as many people as US companies do in Ireland. According to the American Chamber of Commerce, Irish companies directly employ an estimated 120,000 people within 227 companies at over 2,600 locations, in all 50 States across the USA. In California alone, Irish companies account for over 25,000 jobs.
Out of that, Enterprise Ireland US offices calculate in 2017 that their clients employed at least 80,000 people in the US, and Enterprise Ireland have identified 440 of their clients with a presence in the USA.
Our shared values, expertise and experience is business-positive for both countries
“The state of Ireland’s partnership with the United States is strong,” said Julie Sinnamon, CEO, Enterprise Ireland. “Our shared values, expertise and experience is business-positive for both countries — as evidenced by the 80,000 jobs created by Enterprise Ireland supported companies in the United States.”
Ireland INC, in partnership with KPMG, are creating the first Ireland INC Index, a picture of the Irish FDI in the USA, which will be formally launched with an announcement at the Ireland Day Leadership Breakfast at the New York Stock Exchange on Tuesday 13th March.