A new study from the International Trade Administration looks at foreign direct investment’s impact on U.S. job creation – and additional data shows South Carolina plays a leading role.
The study attributes 12 million jobs nationwide to foreign direct investment. Of that number, 6.1 million people were directly employed by foreign companies operating in the U.S.
“The economic impact of this foreign investment goes beyond the direct jobs,” the study states. “International companies help drive American innovation, connect American communities with the world, and bring new techniques to improve productivity.”
The total impact includes 2.4 million jobs in supply and distribution chains, as well as another 3.5 million “attributable to productivity growth in manufacturing associated with FDI.”
The study mentions research and development operations at companies such a Michelin, a French tire-maker whose North American headquarters is in South Carolina. It also mentions export activities by companies such as Honda, a Japanese firm that manufactures all-terrain vehicles in the Palmetto State.
The study sites a 2015 ITA report on state-by-state job creation linked to exports. In that study, South Carolina had the 14th most jobs linked to manufactured goods exports, at 148,000.
South Carolina added 42,000 jobs connected to overall goods exports between 2009-14, which ranked eighth nationally, according to that study.