|President Barack Obama delivers remarks at Cree Inc., in Durham, North Carolina, June 13, 2011. Cree is a leading a leading manufacturer of energy efficient LED lighting and the president's Council on Jobs and Competitiveness met at the plant. Business leaders pledged to train 10,000 new American engineers every year. |
Direct foreign investment in the US jumped $75bn in 2010, the White House
said Monday - - a rise of 49% on 2009.
“The United States remains the No. 1 destination for foreign investment in
the entire world,” said the chairman of President Obama‘s Council of
Economic Advisers, Austan Goolsbee. In times of crisis, he said, the US is the
Direct foreign investment in the US jumped 49% to $228bn from $153bn in 2009.
Goolsbee said these investments support 5.7m workers in the US.
In 2008, the US affiliates of foreign corporations employed 13% of the entire
manufacturing workforce in the United States. And over 42% of the US affiliates’
total value-added production in 2008 was concentrated in the US manufacturing
Obama’s Jobs and Competitiveness Council, led by General Electric CEO Jeff
Immelt, this month recommended that the government create programs to accelerate
direct foreign investment.
Investment in the US will likely continue to grow in the face of the global
economic crisis and economic uncertainty, Goolsbee said. The European Union is
currently struggling with how to rescue Greece from a debt crisis.
“In moments of crisis it has always been and has continued to be now the case
that the United States is the safest harbor in the world, so there does tend to
be a flight to safety when people get nervous about uncertainties in the world
economy,” Goolsbee said.
Council of Economic Advisers' Reports