Posts Tagged ‘jobs’

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New Data Show Jobs Impact of Export Destinations

July 8, 2014

Isabel Sackner-Bernstein is an intern in the International Trade Administration’s Office of Public Affairs. She is studying Strategic Communication at Elon University.

Chart schows that NAFTA supports 25 percent of US export related jobs. Asia and Pacific supports 28%, EU supports 22%, Latin America without Mexico supports 10%. Middle East and Africa 6%, other destinations 9%.What is an export to Canada actually worth?

We know that Canada has always been an important trade partner with the United States, and we know that total exports to Canada were more than $360 billion in 2013, but new data released from the International Trade Administration (ITA) now give more insight into the value of U.S. exports by destination than just dollar amounts.

What are exports to Canada worth? How about nearly 1.7 million U.S. jobs?

New data from ITA show exports to Canada supporting more jobs than any other U.S. export market, with Mexico as a close second at about 1.1 million. Other top destinations were China, Japan, and the United Kingdom.

The exports to these countries alone supported nearly 4.8 million U.S. jobs last year, which is almost as much as the entire populations of Chicago and Houston combined.

Here are some more quick facts we learned from this new data that you can impress your friends with:

  • U.S. exports set a record for a fourth consecutive year in 2013, reaching $2.3 trillion;
  • Exports to the Asia-Pacific region supported 3.2 million jobs, or 28 percent of all export-related jobs;
  • Canada was the top destination for U.S. exports in 2013, and nearly 1.7 million U.S. jobs were supported by these exports, and;
  • Although they beat us in the World Cup, goods exports to Belgium supported nearly 140,000 U.S. jobs.

Want to learn more? Check out the full report online.

So now that you’re the most well-informed member of your friend group, spread the word about how exporting is growing our economy. Talk to your local U.S. Export Assistance Center to find out how to make your business go global.

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FDI Supporting the U.S. Economy

February 10, 2014

Felicia Pullam is the Director of Outreach for the SelectUSA Program.

We’re excited to announce the release of SelectUSA’s report on Foreign Direct Investment (FDI) in the United States: Drivers of U.S. Economic Competitiveness

The paper takes a closer look at the impact of FDI on the U.S. economy. Included in the report is an analysis of the competitive advantages that make the United States an attractive destination for investors and trends in FDI by geography and industry sector.

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Foreign direct investment is a prime source of capital, job creation, innovation, and cross-border trade. FDI has continued to flourish in the United States because firms worldwide recognize the United States as an innovative and stable market executed in the world’s largest economy. The United States offers an unmatched opportunity for success due to its renowned educational institutions, growing industry clusters, first-class research and development centers, protection for intellectual property rights, an entrepreneurial environment, access to global markets, a predictable regulatory climate, and increasingly competitive cost factors.

Key takeaways include:

  • The United States is both the largest recipient and source of FDI in the world. FDI has long been an integral part of our economy. In 2012, the total stock of direct investment in the United States was $2.7 trillion and FDI inflows totaled $160.1 billion.
  • FDI creates jobs:  As of 2011, the most recent data available, majority-owned subsidiaries of multinational firms with U.S. operations employ more than 5.6 million workers and pay an average annual compensation of $77,600.
  • FDI contributes to U.S. innovation and helps drive exports:  These firms also spent more than $45 billion in research and development here and accounted for 20.5 percent of U.S. goods exported in 2011.
  • The five largest country sources of FDI in the United States are the United Kingdom, Japan, Germany, Canada, and France, according to the U.S. Bureau of Economic Analysis.  The latest estimates of FDI stock by ultimate beneficial owner reveal that Together, these economies account for nearly 61.5 percent of total FDI stock.  In addition, markets across Asia, Latin America, and Europe have substantially grown their FDI position in the United States in recent years.
  • The United States wins out in investment climate according to the June 2013 FDI Confidence Index, A.T. Kearney awarded the United States the top spot.  The World Economic Forum’s (WEF) Global Competitiveness Index ranks the United States among the top ten economies based on strengths in innovation, education, and overall size of economy.

Download the report here: Foreign Direct Investment (FDI) in the United States: Drivers of U.S. Economic Competitiveness.

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What Happens in Vegas… Is Good for the Economy

June 11, 2013

This post contains external links. Please review our external linking policy.

Calynn Jenkins is an intern in the International Trade Administration’s Office of Public Affairs. She is studying political science at American University. 

Clark County Commissioner Tom Collins, Acting Deputy Under Secretary for International Trade Ken Hyatt, and LVCVA President/CEO Rossi Ralenkotter sign a Memorandum of Agreement between ITA and LVCVA.

Clark County Commissioner Tom Collins, Acting Deputy Under Secretary for International Trade Ken Hyatt, and Las Vegas Convention and Visitors Authority President/CEO Rossi Ralenkotter sign a Memorandum of Agreement to support Nevada’s tourism industry.

The United States’ growth in travel and tourism exports is the result of more than just a roll of the dice. Export success in this industry requires partnerships. Partnerships among government agencies as part of President Obama’s National Travel and Tourism Strategy have helped, and government leaders took another step earlier today.

Tuesday morning, Acting Deputy Under Secretary of Commerce for International Trade Kenneth Hyatt signed a Trade Promotion Partner Memorandum of Agreement (MOA) with the Las Vegas Convention and Visitors Authority (LVCVA). This agreement between the International Trade Administration (ITA) and LVCVA creates a strategic partnership in order to strengthen Nevada’s tourism sector.

“LVCVA and ITA share a common mission to increase travel and tourism in the United States in order to boost our economy and create jobs,” said Hyatt. “I am pleased to commemorate our new partnership that will be instrumental in helping the Southern Nevada region increase the number of international visitors it attracts.”

Signing this agreement with Las Vegas makes sense; Las Vegas is a key destination for international travelers, with 39.7 million visitors in 2012. LVCVA has a goal of increasing the percentage of international visitors to Nevada from 17 to 30 percent.

“We will leverage the strength of the Las Vegas brand and the Las Vegas Convention Center’s World Trade Center designation to further position Las Vegas as a global business destination,” said LVCVA President/CEO Rossi Ralenkotter.

“Tourism drives the economic vitality of Las Vegas and supports nearly half of all the jobs in Southern Nevada,” said Clark County Commissioner Tom Collins. “The business community understands the importance of the industry.”

Not only will this agreement help the state of Nevada’s tourism sector and economy, but it supports nationwide growth in the industry. Travel and tourism supported 7.5 million jobs for American workers in 2012.

The International Trade Administration is committed to the continued growth of the U.S. travel and tourism sector. To learn more about our efforts visit the Office of Travel and Tourism Industries and for detailed information on international travel and tourism visit the 2012-2018 forecast.

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Celebrating World Trade Throughout May

May 1, 2013

Francisco J. Sánchez is the Under Secretary of Commerce for International Trade.

May brings warmer weather, longer days, and, most importantly for us at the Department of Commerce, World Trade Month. For years, this has been a special time to reflect on the importance of trade to our nation’s economic well-being.

Over the past few months, we’ve discussed what an important year 2012 was for exports and our  economy: a record-setting $2.2 trillion in overall exports, 10 percent annual growth in tourism-related exports, and 9.8 million U.S. jobs supported by exports.

World Trade Month is an occasion to recognize the past year’s successes while looking ahead to new ways to expand exports and build a stronger economy. It’s a month for us to recognize what we know all year long: that exports are a key to our long-term economic health.

The month of May will provide many opportunities to do just that. Events and observances to look out for include:

  • National Travel and Tourism Week, a celebration of that industry’s contributions to the U.S. economy, will take place from May 4-12.
  • On May 16, the Small Business Administration and Denver U.S. Export Assistance Center will co-sponsor the 40th Annual World Trade Day.
  • May 19 will bring the start of World Trade Week, a tradition dating back to 1927 and marked by a Presidential proclamation.
  • During that week, the President’s annual “E” Awards will be presented to leading U.S. exporters.

Have a question about getting started in exporting? Twitter chats throughout the month will offer chances to learn about exporting and pose questions to government agencies involved in President Obama’s National Export Initiative.

World Trade Month Updates:

We invite you to check this post or our World Trade Month category for regular updates on these and other events. You can also visit our Facebook page or follow us on Twitter.

As we kick off World Trade Month 2013, our team looks forward to continuing to support our nation’s exporters as they build things here and sell them everywhere.

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Firing on All Cylinders: FDI Fuels Jobs in South Carolina, U.S.

April 2, 2013

Michael Masserman is the Executive Director for Export Policy, Promotion & Strategy for the International Trade Administration.South Carolina flag

We often talk about the synergy between U.S. exports and foreign direct investment in the United States. Last week I witnessed that interplay firsthand at the Robert Bosch LLC manufacturing facilities in Charleston, South Carolina.

Headquartered in Stuttgart, Germany, Bosch invested and began production in South Carolina in 1974. Bosch’s Charleston plant now employs more than 1,700 people in the development and manufacturing of modern gasoline-engine systems, high-precision diesel technology, and cutting-edge automotive safety equipment.

Bosch is a leading exporter of gas cylinders and other products made at their South Carolina plants to the 95 percent of consumers beyond our borders. They are helping to drive U.S. exports of motor vehicles and parts to all-time record highs. In fact, U.S. exports of motor vehicles and parts increased nearly 80 percent from 2009 to 2012, to total $132.7 billion.

A little known fact is that exports from U.S. affiliates of global firms, like Bosch, represent nearly one-fifth of all U.S. exports. That’s why at the International Trade Administration, we focus on the relationship between our work under the President’s National Export Initiative and our efforts to promote investment in the United States through SelectUSA.

South Carolina — and Charleston, especially — has a rich history in trade and foreign direct investment, or FDI. FDI, through U.S. affiliates of foreign firms, now supports 104,300 jobs in South Carolina.

And, the strong base of foreign direct investment in Charleston positions the area to further its already impressive export growth. According to the Commerce Department’s preliminary data — in 2012 — this region exported over $2.4 billion in merchandise shipments. That’s a nearly six percent increase from the year before – all in the face of significant global economic headwinds.

I applaud efforts in Charleston to seize the opportunity to create and implement a regional export plan through the Metropolitan Export Initiative. We are proud to partner with the Brookings Institution to help metropolitan areas across the country incorporate exports into their local economic development strategies, which will help to ensure long-term sustainable economic growth.

Combining efforts of investment and business attraction with exports (a key component of business expansion and retention) will ensure regional economic development across our country becomes even more global in scope.

Companies like Bosch are informing these local planning efforts. The private sector has a critical seat at the table and position to shape export strategies and promotional efforts based on their experiences.

After all, Bosch is firing on all cylinders, and we should take note.

From an initial investment almost 40 years ago, Bosch plants in South Carolina now support advanced manufacturing, R&D, U.S. exports, and skilled jobs where we need them – here at home.

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One Shining Moment for American Exports

March 18, 2013

Francisco Sanchez is the Under Secretary of Commerce for International Trade.

Uder Secretary Sanchez has Louisville, Indiana, Ohio State and Kansas in his Final Four. He picked Louisville to beat Indy for the championship. Notable upsets include Harvard making the Sweet 16 and Wisconsin knocking out Gonzaga to make the Elite 8.

Francisco Sanchez picked Louisville as the 2013 NCAA basketball champion.

I may not be the biggest basketball fan.

Still I, like so many Americans, spent some time Sunday night predicting the outcomes of one of our country’s great traditions – the NCAA Basketball Tournament. You may well have been doing the same thing; the NCAA Tournament bracket is a ubiquitous image, appearing on countless office walls and bedroom doors all over the country.

Now I may not regularly cheer for basketball, but I’m a huge fan of exports. And what you may not have realized when you filled out your bracket is that you were, in fact, supporting American exports.

It’s true: The television licensing for the tournament, the apparel licensing for universities, and the education industry itself are all American export industries, supporting thousands of American jobs.

As the NCAA Basketball Tournament is a great American tradition, exports are also a great tradition for us at the International Trade Administration. So over the next couple of weeks, we’ll be sharing some information with you that shows how this celebrated American custom ties into American exports, thereby supporting the American economy.

Before we kick that off, we have our own fun office competition to share with all of you:

As you may know, we have Export Assistance Centers (EACs) all over the country to help U.S. businesses compete globally. Well, we asked the four offices closest to the four #1 seeds in the tournament to fill out a bracket on Selection Sunday to post on our blog. I’m submitting mine for competition as well. So here are the participating offices representing the top seeds and their brackets:

How does your bracket stack up to each of ours? How are you going to be supporting exports during this year’s tournament? Let us know here or get involved in the conversation on Twitter and Facebook. Make sure to support your team and American exports as we crown national champions in men’s and women’s college basketball this year.

Be sure to check back on the blog as we highlight just how much of an impact American pastimes like March Madness contribute to American exports. No matter who wins, the U.S. is always the champ when we support exports.

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Analysis: The Global Push for American-Made

March 13, 2013

The following is an excerpt from an op-ed piece written by Francisco Sanchez, Under Secretary of Commerce for International Trade.Francisco Sanchez is the Under Secretary of Commerce for International Trade

There’s no doubt about it: Doing business in America is changing. And businesses with even the most loyal customers are finding that their customers are changing, too. In an increasingly global marketplace, business owners across the U.S. are realizing that their next major customer may no longer come from across town, but beyond our borders.

While news of American exports may not capture the headlines as government shutdowns and political impasses do, the proof is in the thousands of regional businesses who are witnessing its value first hand.

Not only did U.S. exports outpace the growth of imports in 2012 for the first time since 2007, but exports have helped support the creation of more than 6 million private-sector jobs during the past 35 months. The world wants what America makes.

Read the remainder of the piece at the Charleston Regional Business Journal.

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