2017: Year in Review
Check out the top highlights from SelectUSA in 2017
SelectUSA had an impactful year in 2017, supporting 7,100 clients and facilitating $3.7 billion in investment projects.
Here is how we got there…
We kicked off the year at the Consumer Electronics Show, one of the many trade shows in Las Vegas. There we met a small French technology company named Klaxoon, which was looking to invest in the United States. We connected the company to economic development teams in New York, ultimately leading to an investment in New York City that we announced in June.
Dan lane from Colorado’s Office of Economic Development and International Trade said, “While Colorado’s reputation as a business hub is well known domestically, we still need to work hard to boost our recognition on the international level. This is an area where SelectUSA has been particularly helpful to Colorado.” We are glad to work with EDOs like COEDIT all year long to help American workers get Rocky Mountain High on FDI!
SelectUSA signed a memorandum of intent to promote the investment and business relationship between the United States and the Hyogo Prefecture in Japan. Agreements such as this expand on America’s commercial relationships and deepen our diplomatic relationships, creating long-lasting positive impact for the United States.
SelectUSA joined the U.S. Commercial Service and six economic development organizations (EDOs) at the Annual Investment Mission (AIM) in Abu Dhabi. AIM attracts investors from around the Persian Gulf, and SelectUSA facilitated more than 30 meetings between the EDOs and potential business investors. SelectUSA hosted its first-ever USA Investment Pavilion at AIM, prominently showcasing investment opportunities in the United States at the event.
LHSC, Inc. – a supplier of curtains, draperies, and home fashions – broke ground on a facility in Williamsburg, S.C. The company announced at the 2013 SelectUSA Investment Summit that it would return its operations to the United States after a time manufacturing in China.
Medical technology represents a huge opportunity for the U.S. economy, and European medtech firms invested $20.4 billion in the United States from 2007-2016. That’s why SelectUSA brought ten European medtech startups to Pittsburgh, Cleveland, and Austin. We worked with our EDO partners to provide these companies unparalleled access to potential partners and opportunities. As one company said, “it would have taken months to make these contacts on our own.”
Raremark Finds Opportunity with SelectUSA
European medical technology company Raremark joined SelectUSA on an investment mission to make contacts and find opportunities in Austin, Cleveland, and Pittsburgh. The company made contacts with key decision makers to help with its U.S. expansion plans.Download (7MB)
PhysioWizard Finds Opportunity with SelectUSA
European medical technology company PhysioWizard joined SelectUSA on an investment mission to make contacts and find opportunities in Austin, Cleveland, and Pittsburgh. The company made contacts in three days that would have taken months to generate alone.Download (6MB)
SelectUSA and U.S. Commercial Service teams hit the road for two investment road shows in March, bringing U.S. economic development teams to cities in China and India. These road shows connected business investors directly to EDO representatives who could take the investment process to the next step. Check out coverage of the India road show.
Secretary Ross and SelectUSA leadership joined hundreds of U.S. economic developers in Washington, D.C., at the International Economic Development Corporation FED Forum in April. Secretary Ross affirmed his commitment to the mission of attracting FDI, and explained how administration policies would make the United States an even more promising location for business investment.
SelectUSA led EDO delegations to two major trade shows in April: Bio Korea and Hannover Messe in Germany. We joined representatives from more than 20 economic development organizations connecting directly to international firms looking for opportunities to expand in the United States.
Foreign direct investment in U.S. manufacturing supports more than 2.4 million U.S. jobs, and investment in the sector is growing an average of 9 percent per year. The FDI in Manufacturing report – our first industry-specific report on investment – showed the crucial role FDI plays in growing the U.S. manufacturing sector, one of the cornerstones of our economy.
It’s one thing for us to say the United States I the best place for business investment; it’s another thing when hundreds of global CEOs say it. That’s what happened in April, when A.T. Kearney released its Foreign Direct Investment Index. For the fifth year in a row, global CEOs said that factors like access to consumers, productivity, and a culture of innovation made the United States the best place to grow a business.
Continued innovation in the automotive sector drives Oakland County, Michigan, to focus on attracting mobility, IT, and advanced materials companies to invest in the state. The region’s economic development team has focused on creating soft landing centers and other initiatives to support companies as the expand in Michigan. Read more.
Secretary Ross had his first meeting with the Investment Advisory Council (IAC) on May 11. The IAC advises the Secretary on the development and implementation of strategies and programs to attract and retain foreign direct investment in the United States and on ways to support the United States remaining the world’s preeminent recipient of foreign direct investment.
2017 SelectUSA Investment Summit
The fifth annual SelectUSA Investment Summit continued the success that led to past participants having announced $20.6 billion in new U.S. investment projects (as of January 2017). This was the largest Investment Summit we ever hosted, with more than 3,000 attendees. Companies like Klaxoon and Genpact announced new investments in New York and Florida. This was the first Investment Summit to feature new business investment announcements. The Investment Summit featured six cabinet secretaries, speakers from major multinationals, and facilitated more than 2,000 meetings between EDOs and potential investors.
Secretary Ross announced on November 29 that registration was live for the 2018 SelectUSA Investment Summit. “I will definitely attend as many of these as I can in the future,” said one economic developer who exhibited at the 2017 Investment Summit.
Romanian beverage distiller Alexandrion didn’t wait long to announce its investment in the United States after it attended the Investment Summit. Alexandrion is investing $100 million on a facility in New York that will create 400 jobs and help the company meet U.S. demand for its products.
Our work extended beyond the Investment Summit in June. We helped Swiss manufacturer Oerlikon announce its expansion in the United States. The company is investing $62 million in a rural area near Charlotte, N.C., after attending the 2016 Investment Summit.
SelectUSA partnered with Michigan Governor Rick Snyder’s team to discuss doing business in Michigan with potential business investors from India. Subsidiaries of Indian-owned firms announced four investment projects in Michigan in 2017, estimated to create nearly 700 jobs!
More than 20 U.S. federal agencies work together to support SelectUSA’s mission of facilitating job-creating foreign direct investment. This Interagency Investment Working Group (IIWG) came together in July to find ways to better cooperate and streamline operations. This meeting led to better web tools to support clients, and a new webinar series to inform EDOs about our services.
Data released in August showed that foreign-owned businesses had invested $3.7 trillion in the United States, supporting more than 13 million U.S. jobs. Both numbers were up from 2015, showing the increasing positive impact of FDI on the U.S. economy!
Check out the impact of FDI in your state.