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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JULY 02, 2019 Technical: Amanda Budny Ryan Smith Media: Jeannine Aversa 301.278.9154 301.278.9246 301.278.9003 BEA 19‐31 amanda.budny@bea.gov ryan.smith@bea.gov jeannine.aversa@bea.gov New Foreign Direct Investment in the United States, 2018 Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $296.4 billion (preliminary) in 2018. Expenditures were up 8.7 percent from $272.8 billion (revised) in 2017 but were below the annual average of $338.1 billion for 2014–2017. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures. New Foreign Direct Investment Expenditures by Type, 1996‐2018 Billions $ 450 400 350 300 250 200 Expansions* Establishments 150 Acquisitions 100 50 0 *Expansions included in 2014–2018 only. NOTE–Survey not conducted for 2009–2013. U.S. Bureau of Economic Analysis In 2018, expenditures for acquisitions were $287.3 billion, expenditures to establish new U.S. businesses were $5.3 billion, and expenditures to expand existing foreign‐owned businesses were $3.8 billion. Planned total expenditures, which include both first‐year and planned future expenditures, were $318.1 billion. Expenditures by industry, country, and state in 2018 By industry, expenditures for new direct investment were mainly concentrated in manufacturing, which accounted for 67.4 percent of total expenditures, or $199.7 billion. Within manufacturing, expenditures were largest in chemical manufacturing ($142.3 billion). There were also notable expenditures in real estate, rental, and leasing ($22.1 billion) and information ($16.3 billion). By country of ultimate beneficial owner (UBO), Germany and Ireland had the largest expenditures, but their values are suppressed due to confidentiality requirements. Canada ($32.5 billion) was the third largest investing country. By region, Europe contributed nearly three‐quarters of new investment in 2018. By U.S. state, Missouri received the largest investment, but its value is suppressed due to confidentiality requirements. New York ($63.0 billion), Texas ($31.1 billion), and California ($27.3 billion) also received significant investment. Greenfield expenditures Greenfield investment expenditures—expenditures to either establish a new U.S. business or to expand an existing foreign‐owned U.S. business—were $9.1 billion in 2018. Total planned expenditures until completion for greenfield investment initiated in 2018, which include both first‐year and future expenditures, were $30.8 billion. By U.S. industry, greenfield expenditures in 2018 were largest in manufacturing ($2.6 billion) and real estate, rental, and leasing ($2.6 billion). By country of UBO, Canada ($2.4 billion) and Japan ($1.2 billion) had the largest expenditures. By U.S. state, Texas received the highest level of greenfield investment ($2.0 billion), followed by New York ($1.6 billion). Employment by newly acquired, established, or expanded foreign‐owned businesses In 2018, employment at newly acquired, established, or expanded foreign‐owned businesses in the United States was 430,600 employees. Current employment of acquired enterprises was 426,400. Total planned employment, which includes the current employment of acquired enterprises, the planned employment of newly established business enterprises when fully operational, and the planned employment associated with expansions, was 469,800. By industry, manufacturing accounted for the largest number of employees (209,000), followed by retail trade (62,500). By country of UBO, Canada accounted for the largest number of employees (84,300), followed by the United Kingdom (68,900), and Ireland (68,300). –2– By U.S. state, California had the largest employment (102,000), followed by New York (55,300) and Texas (45,500). Employment for an acquired entity that operated in multiple states is attributed to the state in which it had the greatest number of employees. Updates to 2017 Expenditures for New Foreign Direct Investment in the United States Billions of dollars Previously published estimate Revised estimate First‐year expenditures U.S. businesses acquired U.S. businesses established U.S. businesses expanded 259.6 253.2 4.1 2.4 272.8 261.5 6.0 5.3 Planned total expenditures U.S. businesses acquired U.S. businesses established U.S. businesses expanded 278.0 253.2 18.0 6.8 299.9 261.5 23.3 15.2 Next release: July 2020 New Foreign Direct Investment in the United States, 2019 –3– Additional Information An acquisition occurs when a foreign entity acquires a voting interest (directly, or indirectly through an existing U.S. affiliate) of at least 10 percent in a U.S. enterprise. Acquisitions of additional voting interest in existing U.S. affiliates in which a foreign entity already has a 10 percent voting interest are excluded. Resources Additional data on the expenditures and activities of the newly acquired, established, or expanded U.S. businesses are available on BEA’s website. Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). BEA’s news release schedule. For more information about the survey and statistics see: New Foreign Direct Investment in the United States in 2017, Survey of Current Business 98 (August 2018). Additional information on new foreign direct investment in the United States in 2018 will be published next month in BEA’s monthly online journal, the Survey of Current Business. More information on foreign direct investment statistics is provided in U.S. International Economic Accounts: Concepts and Methods. An establishment occurs when a foreign entity, or an existing U.S. affiliate of a foreign entity, establishes a new legal entity in the United States in which the foreign entity owns 10 percent or more of the new business enterprise’s voting interest. An expansion occurs when an existing U.S. affiliate of a foreign parent expands its operations to include a new facility where business is conducted. Greenfield investment includes establishments and expansions. Statistical Conventions The statistics of new investments by foreign direct investors are based on data reported in the Survey of New Foreign Direct Investment in the United States (BE‐13) conducted by BEA. The statistics include transactions resulting from corporate inversions. A corporate inversion occurs when a U.S. corporation that is currently the ultimate owner of its worldwide operations takes steps to become a subsidiary of a foreign corporation. BEA’s direct investment surveys do not collect information on whether a U.S. corporation became foreign owned as a result of a corporate inversion. Using publicly available information, such as commercial databases and press reports, BEA estimates that newly inverted U.S. corporations accounted for a significant share of first‐ year expenditures in 2015, but not in subsequent years. For more information on how corporate inversions affect the new investment statistics see “New Foreign Direct investment in the United States in 2016” in the Survey. Definitions Direct investment is a category of cross‐border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise resident in another economy. Ownership or control of 10 percent or more of the voting securities of an entity in another economy is the threshold for separating direct investment from other types of investment. A U.S. affiliate is a U.S. business enterprise that is at least 10 percent owned by a single foreign person or entity. A foreign parent is the first person or entity outside the United States in a U.S. affiliate’s ownership chain that has a direct investment interest in the affiliate. Related Statistics Statistics on new foreign direct investment are one part of a broader set of U.S. international economic accounts that, taken together, provide a comprehensive, integrated and detailed picture of U.S. international economic activities. The ultimate beneficial owner (UBO) is that person or entity, proceeding up a U.S. affiliate’s ownership chain that is not owned more than 50 percent by another person or entity. Statistics on direct investment and multinational enterprises (MNEs) include annual statistics on the –4– activity between U.S. residents and the residents of other countries. activities of U.S. MNEs and U.S. affiliates of foreign MNEs as well as detailed annual and quarterly statistics on direct investment. Statistics on international services, released annually, include detailed annual information on trade in services and on services supplied through the channel of direct investment by affiliates of MNEs. The international investment position (IIP) accounts are released quarterly. The IIP is a statistical balance sheet that presents the dollar value of U.S. financial assets and liabilities with respect to foreign residents at a specific point in time. U.S. international trade in goods and services, released by BEA and the U.S. Census Bureau, provides monthly statistics on trade in goods and services. The international transactions accounts (ITAs) are released quarterly. The ITAs are a statistical summary of economic List of News Release Tables Table 1.1 and 1.2. First‐Year Expenditures and Planned Total Expenditures, Industry of Affiliate by Type of Investment Table 2.1 and 2.2. First‐Year Expenditures and Planned Total Expenditures, Country of UBO by Type of Investment Table 3.1 and 3.2. First‐Year Expenditures and Planned Total Expenditures, U.S. State by Type of Investment Table 4.1 and 4.2. Current and Planned Employment of U.S. Businesses Acquired, Established, and Expanded, Industry of Affiliate by Type of Investment Table 5.1 and 5.2. Current and Planned Employment of U.S. Businesses Acquired, Established, and Expanded, Country of UBO by Type of Investment Table 6.1 and 6.2. Current and Planned Employment of U.S. Businesses Acquired, Established, and Expanded, U.S. State by Type of Investment –5– Table 1.1 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2017, Industry of Affiliate by Type of Investment [Millions of dollars] First year expenditures 1 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All industries Manufacturing Food Beverages and tobacco products Paper Petroleum and coal products Chemicals Basic chemicals Pharmaceuticals and medicines Other Plastics and rubber products Nonmetallic mineral products Primary and fabricated metals Primary metals Fabricated metal products Machinery Computers and electronic products Semiconductors and other electronic components Navigational, measuring, and other instruments Other Electrical equipment, appliances, and components Transportation equipment Motor vehicles, bodies and trailers, and parts Other Other Wholesale trade Motor vehicles and motor vehicle parts and supplies Electrical goods Petroleum and petroleum products Other Retail trade Food and beverage stores Other Information Publishing industries Telecommunications Other Finance and insurance Depository credit intermediation (banking) Finance, except depository institutions Insurance carriers and related activities Real estate and rental and leasing Real estate Rental and leasing (except real estate) Professional, scientific, and technical services Architectural, engineering, and related services Computer systems design and related services Management, scientific, and technical consulting Other Other industries Mining Utilities Construction Transportation and warehousing Administration, support, and waste management Health care and social assistance Accommodation and food services Other 272,756 106,259 34,066 188 (D) (D) 261,455 103,805 33,911 (D) (D) (D) 6,044 540 14 (D) (D) (D) 24,353 2,953 16,010 5,390 2,803 3,428 2,236 492 1,743 5,348 13,256 10,776 (D) (D) 23,803 (D) 17 (D) 0 533 (D) 15,841 (D) 9 (D) 2,236 3,369 2,148 (D) (D) 5,296 (D) (D) (D) (D) (D) 3,569 10,953 (D) (D) 3,387 6,607 (D) 1,529 (D) 4,910 10,096 3 10,093 26,663 16,810 6,106 3,747 16,485 (D) 10,721 (D) 10,568 (D) (D) 3,206 6,328 (D) (D) (D) (D) 9,974 0 9,974 26,306 16,716 (D) (D) 15,489 (D) (D) 19,678 10,940 8,738 16,008 391 3,495 1,613 10,509 70,960 1,688 12,888 1,095 (D) 454 17,206 8,490 8,716 15,790 378 3,432 1,585 10,394 66,558 1,668 11,061 930 (D) 8,103 802 11,606 (D) 8,068 576 11,579 (D) 299,901 124,454 34,649 257 2,545 (D) 261,4552 103,805 33,911 (D) (D) (D) 27,031 (D) 23,803 (D) 160 (D) 16,153 (D) 15,841 (D) 27 0 28 (D) (D) 540 58 60 (D) (D) 4,320 4,065 (D) (D) (D) 2,236 3,369 2,148 (D) (D) 17 (D) (D) (D) (D) 35 9 9 0 0 (D) 5,372 (D) (D) 5,296 (D) (D) (D) (D) (D) 9 157 140 16 151 135 35 16 (D) (D) (D) 5,257 1,914 141 6 (D) Planned total expenditures (first year and planned future) 2 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 517 (D) 0 (D) (D) 4,478 11,196 10,615 581 (D) (D) (D) (D) (D) (D) (D) 3 (D) (D) 0 (D) (D) 3 (D) (D) 89 (D) (D) 4 0 (D) 16,810 (D) (D) 940 0 (D) (D) 56 27 (D) (D) 16,650 (D) (D) (D) 2,317 2,295 22 181 5 54 25 97 1,706 (D) 156 156 0 37 8 9 2 18 2,695 (D) 24,179 15,441 8,738 (D) 437 165 134 30 (D) 1,390 0 (D) 14,931 1,597 (D) 454 17,206 8,490 8,716 15,790 378 3,432 1,585 10,394 66,558 1,668 11,061 930 (D) 4 (D) 25 750 2 (D) 8,104 802 11,606 (D) 8,068 576 11,579 (D) 228 (D) (D) 30 144 0 (D) 391 (D) 1,613 (D) 74,677 (D) 10,568 (D) (D) 3,206 6,328 (D) (D) (D) (D) 9,974 0 9,974 26,306 16,716 (D) (D) 15,489 (D) (D) 23,276 12,203 (D) (D) (D) (D) (D) (D) 15,170 8,446 (D) (D) (D) 9 (D) (D) 303 (D) (D) 0 (D) (D) (D) (D) (D) (D) (D) (D) (D) 696 (D) (D) (D) (D) (D) 296 (D) (D) (D) (D) 331 (D) (D) (D) (D) 35 16 (D) (D) (D) 0 (D) 3 (D) (D) 0 (D) (D) 89 (D) (D) (D) 4 0 (D) (D) (D) (D) 0 (D) (D) 9 (D) 0 (D) 0 (D) (D) 0 1,065 (D) 27 390 390 0 (D) 6,583 6,561 22 181 5 54 25 97 2,772 (D) 5,347 (D) 437 666 (D) 3,432 0 (D) 32 (D) 4 (D) 25 (D) 2 (D) 8 (D) 2 (D) * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. First year expenditures include expenditures in the year in which the transaction occurred. 2. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. Source: U.S. Bureau of Economic Analysis –6– Table 1.2 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2018, Industry of Affiliate by Type of Investment [Millions of dollars] First year expenditures 1 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All industries Manufacturing Food Beverages and tobacco products Paper Petroleum and coal products Chemicals Basic chemicals Pharmaceuticals and medicines Other Plastics and rubber products Nonmetallic mineral products Primary and fabricated metals Primary metals Fabricated metal products Machinery Computers and electronic products Semiconductors and other electronic components Navigational, measuring, and other instruments Other Electrical equipment, appliances, and components Transportation equipment Motor vehicles, bodies and trailers, and parts Other Other Wholesale trade Motor vehicles and motor vehicle parts and supplies Electrical goods Petroleum and petroleum products Other Retail trade Food and beverage stores Other Information Publishing industries Telecommunications Other Finance and insurance Depository credit intermediation (banking) Finance, except depository institutions Insurance carriers and related activities Real estate and rental and leasing Real estate Rental and leasing (except real estate) Professional, scientific, and technical services Architectural, engineering, and related services Computer systems design and related services Management, scientific, and technical consulting Other Other industries Mining Utilities Construction Transportation and warehousing Administration, support, and waste management Health care and social assistance Accommodation and food services Other 296,368 199,744 10,847 (D) (D) 287,260 197,132 10,843 (D) (D) 5,331 1,170 4 (*) (*) 0 142,337 (D) 0 141,259 (D) 27,042 (D) 27,025 (D) 315 (D) 237 (D) (D) (D) 0 23 0 11 12 (D) (D) (D) (D) 1,297 428 869 1,031 8,365 (D) (D) 248 2,727 1,494 (D) (D) 6,006 5,668 5 (D) 3,777 1,441 (*) 0 0 0 1,055 (D) 6 (D) (D) 0 (D) (D) 859 996 8,336 (D) (D) (D) 10 7 (D) 2,722 521 (D) (D) 5 (D) (D) (D) (D) 0 (D) (D) 102 (D) 6 (D) 16 (D) 0 0 (D) 1,221 (D) 5,971 5,560 (*) (D) (D) (D) 14,298 (D) (D) 14,261 (D) (D) 16,349 (D) 16,046 (D) 1,429 (D) 1,429 (D) 7,501 10 4,740 2,751 22,077 20,209 1,868 8,442 (D) 7,064 0 4,387 2,677 19,511 (D) (D) 4 (D) (D) 83 35 6 29 (D) (D) (*) (D) 0 27 (D) (D) 0 (D) 1 (D) 318,062 206,070 10,847 (D) (D) 287,2602 197,132 10,843 (D) (D) 20,283 2,909 4 (*) (*) 0 146,079 (D) 0 141,259 (D) 27,045 (D) (D) (D) (D) (D) 27,025 (D) 0 27 0 14 14 (D) (D) (D) (D) 869 (D) (D) (D) (D) (D) 859 996 8,336 (D) (D) (D) 10 9 (D) 2,727 (D) (D) (D) (D) (D) 2,722 521 (D) (D) 5 (D) (D) (D) (D) (D) (D) (D) (D) 5 (D) 1,221 (D) 237 (D) (D) (D) 5,971 5,560 (*) (D) (D) (D) 14,298 (D) (D) (D) (D) 14,261 (D) (D) 1,429 (D) 1,429 (D) 1,208 (D) 166 8 (D) (D) (D) (D) (D) 7,801 (D) (D) (D) (D) (D) (D) 7,064 0 4,387 2,677 19,511 (D) (D) 7,645 (D) 763 (D) 34 (D) 7,645 (D) 4,026 874 (D) 3,983 841 (D) 22,289 2,043 7,572 (D) 20,042 1,669 6,596 (D) 38 24 (D) (D) (D) (D) (D) 5 9 (D) (D) (D) (D) 8,469 (D) (D) 2,628 3,339 2,402 795 (D) 2,464 3,321 2,311 790 (D) 94 16 67 5 504 271 2 (D) (D) (D) 2 0 2 (D) Planned total expenditures (first year and planned future) 2 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 0 0 (D) 0 70 2 25 0 (D) 874 (D) (D) 2,048 (D) 1,081 (D) 3,339 2,402 795 2,719 16,046 (D) 3,983 841 (D) 20,042 1,669 6,596 (D) 2,464 3,321 2,311 790 (D) 10,519 6,028 (*) 0 0 0 4,793 (D) 4 (D) (D) 88 35 6 29 (D) (D) (*) (D) 484 (D) (D) (D) (D) (D) (D) (D) (D) 38 24 (D) (D) (D) (D) (D) (D) 16 67 5 (D) * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. First year expenditures include expenditures in the year in which the transaction occurred. 2. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. Source: U.S. Bureau of Economic Analysis –7– 6 (D) (D) 0 (D) (D) 0 (D) 36 (D) (D) (D) 0 (D) (D) 1 (D) (D) (D) 0 0 (D) 2 0 2 (D) 0 0 (D) 254 (D) (D) (D) (D) (D) (D) (D) (D) (D) 9 (D) (D) (D) (D) 0 (D) 2 25 0 (D) Table 2.1 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2017, Country of UBO 1 by Type of Investment [Millions of dollars] 2 First year expenditures By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All countries 3 Planned total expenditures (first year and planned future) By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 272,756 261,455 6,044 5,257 299,901 261,455 23,276 15,170 69,414 67,714 384 1,316 70,653 67,714 460 2,480 115,745 1,666 1,106 (D) 111,454 (D) 1,662 (D) 2,629 (D) 123,137 (D) 111,454 (D) 23 (D) 2,212 1,457 25,131 23 (D) 24,031 1,003 0 329 8,944 (D) (D) 24,444 81 4 84 2,740 (D) (D) (D) 24,031 87 0 1,013 Germany Ireland Italy Netherlands 12,103 7,654 782 5,940 11,565 7,601 682 5,323 301 7 (D) 237 46 (D) 12,890 (D) (D) 474 7 (D) 852 (D) (D) 17 599 8,778 11,565 7,601 682 5,323 124 3,330 Spain Sweden Switzerland United Kingdom Other 2,474 3,086 5,740 45,851 (D) (D) (D) (D) 12 (D) (D) (D) 501 118 327 47 155 (D) (D) (D) (D) (D) 3,073 5,192 45,578 3,314 4,750 4,415 (D) South and Central America Brazil Mexico Venezuela Other 869 (D) (D) 579 (*) (D) (D) (*) (D) (*) (D) 4 (D) (*) (D) Other Western Hemisphere Bermuda 3,881 (D) (D) (D) 3,138 (D) Canada Europe Belgium Denmark Finland France Latin America and Other Western Hemisphere United Kingdom Islands, Caribbean 4 Other Africa South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Korea, Republic of Singapore Taiwan Other United States 5 46,099 (D) 3,073 5,192 45,578 3,314 501 (D) (D) 12 (D) (D) (D) (D) (D) (D) 4,415 (D) (D) (D) (D) (D) (D) (D) (D) 4 (D) (*) (D) (D) (D) (D) 0 0 579 (*) (D) (D) (*) (D) (*) (D) 101 (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) 3,033 (D) (D) (D) (D) (D) (D) 3,033 (D) (D) (D) (D) 0 (D) (D) (D) (D) (D) (D) 31 (D) (D) 0 0 0 (D) (D) (D) (D) (D) (D) 31 (D) (D) 0 0 0 2,059 183 43 566 1,267 1,442 138 41 0 1,263 614 44 2 564 4 3 1 0 2 0 (D) (D) (D) (D) 43 566 1,267 1,442 138 41 0 1,263 2 564 4 3 1 0 2 0 73,080 4,134 14,994 463 (D) 69,451 4,052 14,570 (D) (D) 2,546 (D) 1,083 (D) (D) (D) 47 (D) 15,657 (D) 32,004 (D) 9,697 (D) 0 2 9,557 2 (D) 5,647 (D) (D) (D) (D) 1,434 783 (D) 209 9,557 2 (D) 887 39,084 (D) (D) (D) (D) (D) (D) (D) (D) (D) 32,004 (D) 39 738 (D) (D) (D) (D) (D) (D) (D) 34,410 (D) 377 77 90 1,668 (D) (D) (D) (D) 69,451 4,052 14,570 (D) (D) (D) (D) (D) (D) (D) (D) (D) 21 0 0 0 0 2 * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. The Ultimate Beneficial Owner (UBO) is the entity, proceeding up the foreign ownership chain, which is not more than 50 percent owned by another entity. The UBO is the entity that ultimately owns or controls and thus ultimately derives the benefits and assumes the risks from owning or controlling an affiliate. 2. First year expenditures include expenditures in the year in which the transaction occurred. 3. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. 4. The "United Kingdom Islands, Caribbean" consists of the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands. 5. The United States is the country of ultimate beneficial owner for businesses newly acquired, established, or expanded by foreign investors that are ultimately owned by persons located in the United States. Source: U.S. Bureau of Economic Analysis –8– Table 2.2 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2018, Country of UBO 1 by Type of Investment [Millions of dollars] 2 First year expenditures By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All countries Canada Europe Belgium Denmark Finland France Germany Ireland Italy Netherlands Spain Sweden Switzerland United Kingdom Other Latin America and Other Western Hemisphere South and Central America Brazil Mexico Venezuela Other Other Western Hemisphere Bermuda United Kingdom Islands, Caribbean Other 4 Africa South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Korea, Republic of Singapore Taiwan Other United States 5 3 Planned total expenditures (first year and planned future) By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 296,368 287,260 5,331 3,777 318,062 287,260 20,283 10,519 32,466 30,063 (D) (D) (D) 30,063 (D) (D) 221,445 2,643 1,691 (D) 217,904 (D) 1,785 (D) 2,099 7 (D) 5,906 (D) (D) 18,963 31 0 (D) 225,909 (D) (D) (D) (D) 217,904 (D) 19,924 1,755 3 618 14 (D) 14 (D) 0 (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) 2,645 (D) 96 4 0 (D) (D) (D) 2,657 4,759 125 2 12 11 474 4 0 (D) (D) (D) (D) (D) 1,042 (D) (D) (D) 887 22,426 16,712 25,353 838 22,355 16,537 (D) 4 10 67 (D) (D) 1 39 3 (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) 147 0 (D) 90 0 (D) 13,005 (D) (D) (D) (D) (D) (D) (D) 1 (D) 1,998 424 (D) 78 (D) 8 57 0 (D) 475 1,042 (D) 18,963 2,645 (D) (D) 2 (D) (D) 25,353 838 22,355 16,537 (D) 4 10 (D) (D) (D) 74 (D) (D) (D) (D) (D) (D) 0 0 0 0 0 (D) (D) (D) (D) (D) 147 0 (D) 90 0 (D) 0 0 0 0 0 13,005 (D) (D) (D) (D) (D) (D) 48 (*) (D) (D) (D) (D) 0 0 0 0 (D) 0 0 0 0 1 (D) 1,802 271 (D) (D) (D) 194 (D) (D) (D) (D) 3 (D) (D) (D) 475 8 57 0 (D) 1 (D) (D) 48 (*) (D) (D) (D) (D) 0 0 0 0 (D) 0 1 (D) 0 0 0 1 (D) 1,802 271 (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) 0 0 (D) (D) (D) (D) (D) (D) (*) (D) 0 0 25,771 1,951 1,791 2,077 459 12,810 993 3,835 1,296 559 23,138 1,917 (D) 2,223 33 (D) 410 (*) (D) 37,994 1,951 (D) 23,138 1,917 (D) (D) 2,053 449 11,601 869 (D) (D) (D) 24 (D) 0 (D) 909 (D) (D) (D) (D) 299 (D) 1,296 559 2,053 449 11,601 869 (D) (D) (D) 24 (D) (D) (D) (D) (D) (D) 0 13 (D) (D) 0 0 0 2,077 (D) (D) (D) (D) (D) (D) (D) 23 (D) (D) (D) 23 33 (D) * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. The Ultimate Beneficial Owner (UBO) is the entity, proceeding up the foreign ownership chain, which is not more than 50 percent owned by another entity. The UBO is the entity that ultimately owns or controls and thus ultimately derives the benefits and assumes the risks from owning or controlling an affiliate. 2. First year expenditures include expenditures in the year in which the transaction occurred. 3. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. 4. The "United Kingdom Islands, Caribbean" consists of the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands. 5. The United States is the country of ultimate beneficial owner for businesses newly acquired, established, or expanded by foreign investors that are ultimately owned by persons located in the United States. Source: U.S. Bureau of Economic Analysis –9– 0 0 0 Table 3.1 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2017, State 1 by Type of Investment [Millions of dollars] First year expenditures 2 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) Total New England: Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Mideast: Delaware District of Columbia Maryland New Jersey New York Pennsylvania Great Lakes: Illinois Indiana Michigan Ohio Wisconsin Plains: Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast: Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia Southwest: Arizona New Mexico Oklahoma Texas Rocky Mountains: Colorado Idaho Montana Utah Wyoming Far West: Alaska California Hawaii Nevada Oregon Washington Puerto Rico Other U.S. areas 4 Planned total expenditures (first year and planned future) 3 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 272,756 261,455 6,044 5,257 299,901 261,4552 23,276 15,170 13,541 118 15,838 111 (D) 13,137 116 (D) 404 3 35 (*) 0 0 (D) 13,541 118 (D) 13,137 116 (D) 0 0 (D) 3 (*) 0 4 (D) 112 (D) (D) 111 (D) (D) 404 3 35 (*) 190 111 (D) (D) 2,654 631 7,638 5,670 13,736 4,699 1,434 627 7,564 5,557 11,463 4,571 1,216 2 (D) 4 2 (D) 2,764 631 (D) 50 2,008 11 63 264 118 5,771 17,391 (D) 1,434 627 7,564 5,557 11,463 4,571 27,782 2,267 3,303 4,103 5,335 27,557 2,210 3,035 4,036 (D) 197 57 127 31 (D) 28 0 141 36 31 27,817 2,368 3,372 4,194 (D) 27,557 2,210 3,035 4,036 (D) 197 158 136 (D) (D) 63 0 201 (D) (D) 249 116 5,753 14,574 134 6 5 (D) (D) (D) (D) (D) (D) (D) (D) 285 116 (D) (D) (D) (D) (D) 228 (D) (D) (D) (D) 889 78 7,299 5,020 173 (D) 78 1,995 1,005 1,577 9,028 25 14,551 (D) 0 5 764 57 7,145 4,752 164 (D) (D) 1,814 876 1,384 8,746 (D) 6 20 0 6 0 2 (D) 0 0 7 16 130 129 (D) 118 4 24 140 (D) 2 4 54 16 15 (D) 3 (D) 0 134 6 5 (D) (D) (D) 5,504 (D) (D) 128 112 177 (D) (D) 85 2,820 1,472 (D) (D) (D) 14,551 (D) 0 5 764 57 7,145 4,752 164 (D) (D) 1,814 876 1,384 8,746 (D) 3 (*) 0 4 (D) 1,326 2 (D) (D) (D) (D) 4 2 (D) (D) (D) (D) 6 (D) 0 6 0 2 (D) 0 0 (D) (D) (D) (D) (D) (D) 2 4 485 (D) (D) (D) 3 (D) 5 4 24 (D) (D) 521 (D) (D) (D) (D) 324 57 (D) 262 (D) (D) (D) (D) (D) (D) (D) 42 (D) 60 (D) 262 (D) (D) (D) (D) (D) 45 (D) 42,169 39,705 397 2,067 46,861 39,705 515 6,641 17,726 37 (D) 17,660 (D) (D) (D) (D) 60 (D) (*) 5 (D) 68 (D) (*) 0 22 17,660 (D) (D) (D) (D) 8 (D) 0 (D) 17,737 (D) (D) (D) 0 43,373 351 324 (D) (D) (D) (D) 0 556 22 9 (D) (D) (D) 4,469 22 0 44,019 377 332 (D) 1,403 (D) (D) 0 (D) 0 90 3 0 2 (D) 0 0 0 (D) 45,417 (D) 332 (D) (D) (D) (D) 0 43,373 351 324 (D) (D) (D) (D) 0 (D) (D) 1,443 (D) 9 (D) (D) (D) (D) 0 (D) 0 0 601 3 0 2 (D) 0 0 0 * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. Statistics are shown for the state in which the newly acquired, established, or expanded U.S. business enterprise is located. If the U.S. business enterprise operates in more than one state; it is the state where the largest number of employees are based; if there are no employees it is the state of incorporation of the U.S. business enterprise. 2. First year expenditures include expenditures in the year in which the transaction occurred. 3. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. 4. "Other U.S. areas" consists of the U.S. Virgin Islands, Guam, American Samoa, and all other outlying U.S. areas. Source: U.S. Bureau of Economic Analysis –10– Table 3.2 First Year Expenditures and Planned Total Expenditures for Investments Initiated in 2018, State 1 by Type of Investment [Millions of dollars] First year expenditures 2 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) Total New England: Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Mideast: Delaware District of Columbia Maryland New Jersey New York Pennsylvania Great Lakes: Illinois Indiana Michigan Ohio Wisconsin Plains: Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast: Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia Southwest: Arizona New Mexico Oklahoma Texas Rocky Mountains: Colorado Idaho Montana Utah Wyoming Far West: Alaska California Hawaii Nevada Oregon Washington Puerto Rico Other U.S. areas 4 Planned total expenditures (first year and planned future) 3 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses Total acquired established expanded (5) (6) (7) (8) 296,368 287,260 5,331 3,777 318,062 287,2602 20,283 10,519 2,554 (D) (D) (D) (D) 0 (D) (D) (D) (D) (D) (D) 13,463 (D) (D) 13,572 (D) (D) 13,463 (D) (D) 1 0 1 8 0 0 0 0 95 (*) (*) (D) (D) 13,507 (D) (D) 0 36 (*) (*) 1 0 1 14 0 3 0 1,276 46 3,216 921 63,021 5,017 30 (D) (D) (D) (D) (D) (D) (D) (D) (D) 8 64 (D) 7 36 115 3,216 925 (D) (D) 30 (D) 3,208 856 61,416 4,973 5 0 0 (D) 3,208 856 61,416 4,973 8 68 (D) (D) 0 0 (D) (D) 14,142 2,890 5,559 16,225 2,858 14,077 2,882 5,515 (D) (D) 32 6 30 2 (D) 34 2 15 (D) 14,077 2,882 5,515 (D) (D) (D) (D) 8 (D) 2 (D) 2 (D) (D) (D) 424 (D) (D) (D) (D) (D) (D) 372 (D) (D) (D) (D) 334 (D) (D) (D) (D) 32 0 (D) (D) 0 (D) (D) 0 (D) (D) 0 (*) 0 0 0 0 864 5 2,641 1,515 (D) (D) (D) (D) 0 (D) 5 (D) (D) (*) 0 (D) (D) (D) (D) 480 9 2,187 1,495 5,067 (D) (D) 0 (D) 4 0 (*) 0 0 0 0 (D) (D) (D) 0 (D) 5 187 55 (*) 0 (D) 1,454 (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) (D) 334 (D) (D) (D) (D) 5 (D) (D) 2,502 5 (D) (D) (D) (D) 1,454 (D) (D) 3 52 (D) 9 2,879 (D) 0 2,080 (D) 0 2,080 (D) 8 6 55 (D) 5,044 (D) (D) 10 50 0 13 2 0 5,091 (D) (D) 5,044 (D) (D) (D) 352 (*) (D) (D) (D) 6 912 2 0 1,064 20 (D) 18 (D) 33,882 29,090 (D) (D) (D) 3 0 0 4 0 0 (D) 3 (D) (D) 751 0 (D) (D) 0 7 0 (D) 216 (D) 0 769 45 (D) 4 (*) 2,121 9,007 0 0 4 15 2 (D) 0 0 0 0 1,090 20 (D) 18 (D) 31,066 29,090 822 3 (D) (D) 751 0 (D) (D) 7 3 (D) (D) (D) 27,296 265 125 2,125 9,022 2 (D) 25 (D) 2,892 (D) (D) (D) 8 6 (D) (D) (D) (D) 3 (D) (D) (D) (D) 0 0 (D) (*) (D) 6 (D) 2 0 (D) (D) (D) 0 0 (D) 3 3 0 0 4 (D) (D) (D) (D) 0 (D) 265 125 2,125 9,025 3 (D) 216 (D) 45 (D) 0 227 4 (*) 2,121 9,007 0 0 4 18 3 (D) 0 0 0 0 0 * A nonzero value that rounds to zero. D Suppressed to avoid disclosure of data on individual companies. 1. Statistics are shown for the state in which the newly acquired, established, or expanded U.S. business enterprise is located. If the U.S. business enterprise operates in more than one state; it is the state where the largest number of employees are based; if there are no employees it is the state of incorporation of the U.S. business enterprise. 2. First year expenditures include expenditures in the year in which the transaction occurred. 3. Planned total expenditures include first year expenditures for all investments plus planned future expenditures until completion (and expenditures from past years, if any) for establishments and expansions that are multiyear investments. For acquired U.S. businesses, first year expenditures and planned total expenditures are the same. 4. "Other U.S. areas" consists of the U.S. Virgin Islands, Guam, American Samoa, and all other outlying U.S. areas. Source: U.S. Bureau of Economic Analysis –11– Table 4.1 Current and Planned Employment 1 of U.S. Businesses Acquired, Established, and Expanded in 2017, Industry of Affiliate by Type of Investment [Thousands of employees] 2 Total (1) Current employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) 511.9 3.5 5.9 109.0 2.2 4.8 (*) 26.1 0.1 (*) (*) 0.6 J 0.1 0.1 0.2 0.1 0.0 (*) 11.6 1.7 H (*) 0.0 (*) 3.6 1.6 I (*) (*) (*) 5.4 0.6 6.2 0.0 0.1 (*) 3.8 0.8 G F 0.0 H (*) A 5.9 0.2 0.1 J A 0.0 I A 0.0 A 0.0 0.0 G 0.0 0.0 (*) 4.4 0.5 19.3 1.1 0.7 J 1.1 0.7 G (*) (*) I A 0.6 5.8 0.2 0.2 0.1 0.1 0.0 (*) (*) 1.8 0.1 0.0 0.0 (*) 3.9 0.2 J A 0.1 0.0 0.0 0.0 J A 0.1 A A 34.3 24.2 0.1 0.0 (*) 5.8 0.0 A A 4.2 (*) 9.9 0.1 G 0.0 0.1 (*) 6.4 0.0 G (*) 0.0 (*) 2.8 0.0 (*) 0.5 0.0 2.3 0.0 0.0 34.6 0.1 0.1 (*) 1.0 0.0 (*) 9.7 0.1 (*) 2.5 0.0 (*) (*) 21.4 M F A A A 2.9 2.3 0.0 0.1 (*) 1.5 0.0 F A 7.1 (*) 84.1 0.0 H A 0.0 164.7 0.0 0.0 J A (*) 3 Total (5) Planned employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) 511.92 15.7 18.7 109.0 10.5 11.8 26.1 0.1 1.4 (*) 0.6 0.1 J 0.1 0.3 0.2 0.1 0.0 11.6 0.1 2.6 H A 0.1 A G 3.6 I A A 5.4 0.4 0.6 6.2 0.0 0.7 3.8 0.5 1.4 G G 0.4 H A 0.1 5.9 0.3 0.3 J H A I H A A (*) A G A 0.0 G G 4.4 19.3 2.7 1.6 J G G G A A I F 1.8 5.8 0.8 1.2 0.1 0.3 0.0 1.8 0.1 0.6 0.1 0.0 0.0 3.9 0.4 0.5 J G 0.1 (*) 0.0 0.0 J G 0.1 34.3 0.5 0.7 24.2 0.3 0.5 5.8 0.1 0.0 4.2 0.1 0.2 A G 9.9 G G 0.0 (*) 6.4 0.1 G A A (*) 2.8 0.7 (*) 0.5 0.7 (*) 2.3 0.0 34.6 0.9 0.9 (*) 1.0 0.1 9.7 0.2 0.5 (*) 2.5 0.1 21.4 0.5 0.4 M G G A A 2.9 (*) 2.3 0.1 1.5 0.1 0.0 F A 7.1 84.1 0.3 0.1 H A 0.2 164.7 0.3 0.0 J A A All industries 521.3 546.4 Manufacturing 116.1 131.4 Food 26.2 27.5 Beverages and tobacco products 0.6 0.7 Paper J J Petroleum and coal products 0.3 0.3 Chemicals 13.3 14.3 Basic chemicals H 3.0 Pharmaceuticals and medicines 5.2 5.7 Other I 5.6 Plastics and rubber products 6.1 6.4 Nonmetallic mineral products 6.3 6.9 Primary and fabricated metals 4.6 5.7 Primary metals 1.8 2.7 Fabricated metal products 2.8 3.0 Machinery 6.1 6.5 Computers and electronic products J 10.2 Semiconductors and other electronic components J 8.2 Navigational, measuring, and other instruments A 0.7 Other G 1.6 Electrical equipment, appliances, and components 4.9 8.4 Transportation equipment 21.2 23.6 Motor vehicles, bodies and trailers, and parts J 21.5 Other G 2.1 Other I I Wholesale trade 6.2 7.7 Motor vehicles and motor vehicle parts and supplies 0.2 0.4 Electrical goods 1.8 2.5 Petroleum and petroleum products 0.1 0.1 Other 4.1 4.8 Retail trade K 24.2 Food and beverage stores (*) 0.0 Other K 24.2 Information 34.4 35.4 Publishing industries 24.3 24.9 Telecommunications 5.8 5.9 Other 4.3 4.6 Finance and insurance 10.0 11.4 Depository credit intermediation (banking) G 3.7 Finance, except depository institutions 6.4 6.5 Insurance carriers and related activities G 1.2 Real estate and rental and leasing 2.9 3.6 Real estate 0.5 1.2 Rental and leasing (except real estate) 2.3 2.3 Professional, scientific, and technical services 34.8 36.4 Architectural, engineering, and related services 1.1 1.1 Computer systems design and related services 9.8 10.3 Management, scientific, and technical consulting 2.5 2.6 Other 21.5 22.3 Other industries M 292.8 Mining 2.9 3.0 Utilities 2.4 2.3 Construction 1.5 1.6 Transportation and warehousing 8.3 8.5 Administration, support, and waste management 84.1 84.4 Health care and social assistance 4.2 4.5 Accommodation and food services 164.7 165.0 Other K 24.7 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. 2. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 3. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J-10,000 to 24,999; K-25,000 to 49,999; L50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –12– Table 4.2 Current and Planned Employment 1 of U.S. Businesses Acquired, Established, and Expanded in 2018, Industry of Affiliate by Type of Investment [Thousands of employees] 2 Total (1) Current employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) 426.4 2.9 1.3 207.4 0.8 0.8 55.1 0.1 0.0 J 0.0 0.0 G 0.0 0.0 0.0 0.0 0.0 (*) 56.0 0.0 K 0.0 0.0 (*) 2.2 0.0 K (*) 0.0 (*) (*) 1.4 H 0.0 0.0 2.4 0.1 0.0 0.5 0.1 0.0 1.9 0.0 0.0 (*) 2.8 0.3 5.8 0.0 0.1 4.3 0.0 0.0 0.5 0.0 0.0 1.0 0.0 0.1 12.1 0.0 0.0 3.0 0.6 0.4 2.5 0.1 0.4 0.5 0.4 0.0 40.0 0.1 0.0 (*) 9.5 0.1 (*) (*) 0.0 (*) 1.7 0.0 1.8 0.0 0.0 6.1 0.1 0.0 L F 0.0 J 0.0 0.0 L F 0.0 (*) (*) 40.0 4.4 0.0 0.0 1.6 0.0 0.0 (*) (*) 34.0 4.2 0.1 0.2 A A 0.0 H A 0.0 G A A A A 3.5 H A 0.0 A A 0.0 17.1 0.7 0.2 I F A 5.5 0.0 0.1 (*) 2.0 0.0 H A A L A A G A 0.0 G A 0.0 H 0.0 0.0 (*) 5.2 0.3 L (*) 0.0 7.5 0.0 0.0 5.0 0.0 0.0 H A 0.0 3 Total (5) Planned employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) 426.42 36.4 7.0 207.4 6.6 4.3 (*) 55.1 0.1 J (*) 0.0 G 0.0 0.0 0.0 0.0 0.0 56.0 0.2 0.3 K 0.0 0.1 (*) 2.2 0.1 K 0.1 0.2 1.4 0.9 0.2 H (*) 0.0 (*) 2.4 0.2 (*) 0.5 0.2 (*) 1.9 0.0 2.8 0.1 0.6 (*) 5.8 0.3 (*) 4.3 0.1 0.5 0.0 0.2 (*) 1.0 0.1 (*) 12.1 0.0 H H 3.0 H H 2.5 (*) 0.5 0.4 A A 40.0 A A 9.5 (*) (*) (*) 1.7 0.1 0.0 1.8 0.0 0.0 A A 6.1 L G A J 0.1 0.0 L F A A A 40.0 4.4 0.1 0.0 (*) 1.6 0.0 A A 34.0 A A 4.2 A A 0.0 H A A G A A K 3.5 0.1 H K 0.1 A A (*) G F 17.1 I A 0.7 5.5 0.2 0.6 2.0 0.1 0.1 H A A L G 1.0 G A (*) G A A H A 0.0 5.2 0.3 0.1 L A A (*) 7.5 0.1 (*) 5.0 0.0 H F A All industries 430.6 469.8 Manufacturing 209.0 218.3 Food 55.2 55.2 Beverages and tobacco products J J Paper G G Petroleum and coal products 0.0 0.0 Chemicals 56.0 56.5 Basic chemicals K K Pharmaceuticals and medicines 2.2 2.3 Other K K Plastics and rubber products 1.4 2.5 Nonmetallic mineral products H H Primary and fabricated metals 2.5 2.7 Primary metals 0.6 0.7 Fabricated metal products 1.9 2.0 Machinery 3.2 3.6 Computers and electronic products 5.9 6.2 Semiconductors and other electronic components 4.3 4.4 Navigational, measuring, and other instruments 0.5 0.7 Other 1.1 1.1 Electrical equipment, appliances, and components 12.1 12.2 Transportation equipment 4.0 10.2 Motor vehicles, bodies and trailers, and parts 3.1 9.3 Other 0.9 0.9 Other 40.1 40.6 Wholesale trade 9.7 10.4 Motor vehicles and motor vehicle parts and supplies (*) 0.1 Electrical goods 1.7 1.7 Petroleum and petroleum products 1.8 1.8 Other 6.2 6.8 Retail trade 62.5 63.0 Food and beverage stores J J Other L L Information 40.1 40.5 Publishing industries 4.4 4.6 Telecommunications 1.6 1.6 Other 34.1 34.4 Finance and insurance 4.4 4.5 Depository credit intermediation (banking) (*) (*) Finance, except depository institutions H 2.8 Insurance carriers and related activities G 1.6 Real estate and rental and leasing K 3.5 Real estate K 3.1 Rental and leasing (except real estate) 0.4 0.4 Professional, scientific, and technical services 18.0 19.4 Architectural, engineering, and related services I 6.9 Computer systems design and related services 5.6 6.4 Management, scientific, and technical consulting 2.0 2.2 Other H 3.5 Other industries L 83.4 Mining 1.6 1.6 Utilities 2.2 2.3 Construction H 3.3 Transportation and warehousing 5.5 5.7 Administration, support, and waste management L 54.0 Health care and social assistance 7.5 7.6 Accommodation and food services 5.0 5.1 Other I 4.7 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. 2. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 3. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J-10,000 to 24,999; K-25,000 to 49,999; L50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –13– 1 2 Table 5.1 Current and Planned Employment of U.S. Businesses Acquired, Established, and Expanded in 2017, Country of UBO by Type of Investment [Thousands of employees] 3 Current employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All countries 4 Planned employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) Total (5) 521.3 511.9 3.5 5.9 546.4 511.9 15.7 18.7 49.7 49.2 0.3 0.2 51.4 49.2 1.5 0.7 265.0 I F 261.5 I F 1.1 0.0 (*) 2.4 (*) (*) 275.6 I 261.5 I F 9.5 (*) A 0.7 49.3 0.7 49.0 0.0 0.1 0.0 0.1 4.6 A (*) (*) Germany Ireland Italy Netherlands 15.1 9.6 1.6 L 13.7 9.4 1.6 L 0.1 0.0 (*) 1.3 0.3 (*) 0.0 Spain Sweden Switzerland United Kingdom Other 1.1 2.9 15.1 58.5 48.1 0.6 2.9 14.7 58.3 47.8 0.4 (*) 41.5 Canada Europe Belgium Denmark Finland France 1.2 0.7 50.7 0.7 49.0 0.3 0.0 1.4 0.1 17.2 10.1 1.9 L 13.7 9.4 1.6 L 0.7 0.1 0.2 0.1 2.8 0.7 0.1 0.3 1.7 3.0 15.5 62.2 49.1 0.6 2.9 14.7 58.3 47.8 0.8 (*) 0.3 0.1 0.1 0.0 0.1 0.1 0.1 0.3 0.5 1.3 F 0.2 0.1 0.3 2.6 F 41.2 0.2 0.1 42.4 41.2 0.7 0.5 H (*) H H (*) H (*) (*) (*) H H (*) H 0.0 0.1 0.0 0.0 (*) (*) (*) (*) (*) 0.1 (*) (*) 0.0 0.1 0.0 0.0 0.0 0.0 0.0 K G K G 0.2 0.0 0.4 A 35.5 A 35.2 A Africa South Africa Other G G (*) Middle East Israel Saudi Arabia United Arab Emirates Other Latin America and Other Western Hemisphere South and Central America Brazil Mexico Venezuela Other Other Western Hemisphere Bermuda United Kingdom Islands, Caribbean 5 Other Asia and Pacific Australia China Hong Kong India Japan Korea, Republic of Singapore Taiwan Other 0.1 H (*) 0.1 0.0 0.1 0.1 0.0 K G K G 0.2 0.0 0.1 0.0 36.3 A 35.2 A 0.7 0.0 F A G G (*) 0.0 0.0 0.0 0.0 0.0 0.0 G G (*) G G (*) (*) (*) (*) 0.0 0.0 0.0 0.4 0.4 0.1 0.0 0.0 0.4 0.3 0.1 0.0 0.0 (*) (*) 0.6 0.5 0.1 (*) (*) 0.4 0.3 0.1 0.0 0.0 0.1 0.1 (*) (*) (*) 0.1 (*) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 148.9 6.3 92.5 0.6 2.2 25.0 7.9 13.6 0.1 0.6 143.9 5.9 92.1 0.6 0.9 24.4 I 1.9 0.1 A 3.1 0.4 A 0.1 0.1 (*) 0.0 1.2 0.6 F 160.4 6.2 94.2 0.7 3.2 27.4 9.4 13.7 H F 143.9 5.9 92.1 0.6 0.9 24.4 I 8.8 0.2 1.6 0.1 0.3 0.4 (*) 12.8 A A 0.9 H F 0.0 A (*) 0.2 0.0 0.9 A A 12.8 A A United States 6 0.0 0.0 0.0 J J J 0.0 0.1 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. J 2. The Ultimate Beneficial Owner (UBO) is the entity, proceeding up the foreign ownership chain, which is not more than 50 percent owned by another entity. The UBO is the entity that ultimately owns or controls and thus ultimately derives the benefits and assumes the risks from owning or controlling an affiliate. 3. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 4. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. 5. The "United Kingdom Islands, Caribbean" consists of the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands. 6. The United States is the country of ultimate beneficial owner for businesses newly acquired, established, or expanded by foreign investors that are ultimately owned by persons located in the United States. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J-10,000 to 24,999; K-25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –14– 0.0 0.0 A 0.0 0.0 (*) 0.0 7.7 0.2 0.5 (*) 2.0 2.6 G (*) 1 2 Table 5.2 Current and Planned Employment of U.S. Businesses Acquired, Established, and Expanded in 2018, Country of UBO by Type of Investment [Thousands of employees] 3 Current employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) All countries 4 Planned employment By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) Total (5) 430.6 426.4 2.9 1.3 469.8 426.4 36.4 7.0 84.3 L 0.9 A M L K 0.2 258.3 6.1 0.3 G 256.5 6.1 0.3 G 0.9 0.0 0.0 (*) 0.8 (*) 256.5 6.1 0.3 G 2.1 (*) 2.8 (*) (*) 13.5 13.5 0.0 0.0 0.0 0.0 261.5 6.1 0.3 G 13.9 13.5 Germany Ireland Italy Netherlands 26.7 68.3 I 26.2 68.3 I 26.2 68.3 I 8.1 0.4 0.0 0.0 0.0 27.5 68.4 I 8.1 0.1 0.0 A (*) 8.1 8.1 Spain Sweden Switzerland United Kingdom Other 1.3 1.1 12.0 68.9 40.6 1.3 1.1 12.0 68.8 K 0.0 0.0 (*) 0.1 F 0.0 0.1 0.0 0.0 0.3 1.3 1.3 12.5 69.6 K 1.3 1.1 12.0 68.8 K 0.1 0.4 F 0.2 0.4 0.3 A 43.8 43.7 (*) 0.1 45.3 43.7 A G I I I I (*) I I I I 0.2 0.0 F 0.2 0.0 F 0.3 0.0 0.8 0.2 0.0 F A (*) (*) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 K G K G 0.0 0.0 0.1 0.0 K G K G 30.3 G 30.2 G 0.0 0.0 0.1 0.0 31.8 G 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 H 0.7 A A A 0.3 F 2.0 G A A F 0.0 A 0.0 0.0 0.0 0.0 40.7 3.6 3.8 3.2 2.2 20.6 H G 40.0 3.6 3.8 3.2 2.1 20.3 H G 0.4 0.0 (*) 0.3 (*) (*) 0.0 0.0 0.2 (*) 1.9 A 1.8 A 0.0 0.1 0.2 0.0 0.0 0.0 0.0 Canada Europe Belgium Denmark Finland France Latin America and Other Western Hemisphere South and Central America Brazil Mexico Venezuela Other Other Western Hemisphere Bermuda United Kingdom Islands, Caribbean 5 Other 0.0 (*) 0.1 0.1 (*) 0.0 0.4 0.4 A 0.9 A 0.1 0.1 0.0 0.0 (*) (*) 0.0 A (*) G 30.2 G 0.4 0.0 A A 0.0 G (*) (*) (*) 0.0 0.0 0.0 (*) (*) (*) 0.0 0.0 0.0 2.8 1.9 (*) A F 2.0 G A A F 0.7 A A A A 0.1 0.1 (*) 48.9 3.7 5.2 3.2 3.0 26.1 4.2 G 40.0 3.6 3.8 3.2 2.1 20.3 H G 0.1 H A A 2.0 A 1.8 A 0.2 A 0.0 0.0 0.0 F F G F 0.0 0.0 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. A A Africa South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Korea, Republic of Singapore Taiwan Other 1.9 A 0.0 0.1 0.0 United States 6 I 0.1 1.1 (*) 2. The Ultimate Beneficial Owner (UBO) is the entity, proceeding up the foreign ownership chain, which is not more than 50 percent owned by another entity. The UBO is the entity that ultimately owns or controls and thus ultimately derives the benefits and assumes the risks from owning or controlling an affiliate. 3. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 4. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. 5. The "United Kingdom Islands, Caribbean" consists of the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands. 6. The United States is the country of ultimate beneficial owner for businesses newly acquired, established, or expanded by foreign investors that are ultimately owned by persons located in the United States. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J-10,000 to 24,999; K-25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –15– 0.0 0.0 0.0 H (*) 0.3 0.0 0.9 G A Table 6.1 Current and Planned Employment 1 of U.S. Businesses Acquired, Established, and Expanded in 2017, State 2 by Type of Investment [Thousands of employees] Current employment 3 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (2) (3) (4) Total (1) Total New England: Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Mideast: Delaware District of Columbia Maryland New Jersey New York Pennsylvania Great Lakes: Illinois Indiana Michigan Ohio Wisconsin Plains: Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast: Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia Southwest: Arizona New Mexico Oklahoma Texas Rocky Mountains: Colorado Idaho Montana Utah Wyoming Far West: Alaska California Hawaii Nevada Oregon Washington Puerto Rico Other U.S. areas 5 Planned employment 4 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) Total (5) 521.3 511.9 3.5 5.9 546.4 511.92 15.7 18.7 10.1 0.6 14.9 0.4 0.1 0.2 10.0 0.6 14.9 0.3 0.1 0.2 0.1 0.0 (*) (*) 0.0 0.0 (*) 10.0 0.6 14.9 0.3 0.1 0.2 0.1 (*) 0.0 0.0 (*) 10.1 0.6 15.5 0.4 0.3 0.2 0.2 (*) (*) (*) 0.0 0.0 0.5 0.0 0.1 0.1 0.0 0.0 0.0 0.5 (*) (*) I I 0.1 2.2 4.1 9.8 8.1 0.1 1.9 3.2 8.3 7.6 0.6 A A A 0.1 0.1 A 0.2 0.8 G 0.2 0.3 0.9 0.0 0.5 0.6 (*) 24.0 4.1 12.4 5.9 9.7 22.9 3.1 9.8 5.2 4.8 0.1 1.0 1.1 0.2 H 1.1 0.0 1.4 0.5 A 0.0 0.1 0.0 0.0 A 0.1 F (*) A 0.8 8.1 63.0 A 0.0 (*) A A I I 0.1 1.9 3.8 8.4 7.7 0.1 1.9 3.2 8.3 7.6 23.8 3.4 10.9 5.9 4.8 22.9 3.1 9.8 5.2 4.8 (*) (*) 0.9 8.1 63.0 0.5 0.0 0.0 0.8 8.1 63.0 A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (*) 0.1 0.1 (*) 0.3 0.6 0.1 (*) 0.0 0.0 0.0 (*) 0.0 0.0 0.0 0.0 0.0 1.2 0.6 56.5 13.6 0.2 G G (*) A 0.4 56.3 13.4 0.2 G 0.2 (*) (*) (*) 0.0 0.2 0.2 (*) 0.1 K 0.1 K 1.7 1.7 L (*) 1.1 1.5 L (*) 0.0 0.0 0.4 (*) (*) F 0.0 0.0 0.1 0.4 0.6 0.1 (*) (*) J 0.1 (*) J (*) (*) 41.8 40.5 0.0 0.0 0.0 0.1 0.1 0.1 0.0 1.1 10.6 (*) G 10.5 (*) G 4.3 0.0 4.3 0.0 0.1 0.0 0.0 0.0 0.0 (*) 0.0 65.8 G (*) 66.2 G 0.4 I 0.4 I 3.4 0.7 (*) 3.4 0.7 (*) 8.2 63.3 0.5 0.1 0.0 0.0 0.0 0.0 0.1 A 0.3 0.0 0.1 0.0 0.0 0.0 0.4 56.3 13.4 0.2 G A A A 0.3 A A 0.5 (*) (*) 2.4 0.1 A 0.1 K 0.0 G 0.1 G 1.1 1.5 L (*) 0.3 0.1 F (*) 1.3 0.8 0.1 0.2 0.2 (*) J (*) (*) (*) (*) 43.3 40.5 1.3 0.2 0.0 2.5 0.0 0.0 0.0 0.0 0.0 10.8 0.2 G 10.5 (*) G 4.3 (*) 4.3 0.0 0.4 0.0 0.0 0.0 (*) 0.0 0.1 0.0 0.0 0.0 (*) 0.1 68.5 G 0.0 65.8 G 0.4 I 0.4 I 0.0 0.0 0.0 0.0 3.6 0.7 (*) 3.4 0.7 (*) 1.6 0.8 57.0 16.3 0.3 G 0.2 41.4 2.7 2.4 L 0.2 J G 0.0 0.3 0.2 (*) 0.0 0.0 (*) 0.1 2.0 (*) (*) (*) (*) 0.0 0.0 0.1 0.2 0.0 0.0 0.0 0.0 0.8 0.0 0.0 A 0.2 0.0 0.0 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. 2. Statistics are shown for the state in which the newly acquired, established, or expanded U.S. business enterprise is located. If the U.S. business enterprise operates in more than one state; it is the state where the largest number of employees are based; if there are no employees it is the state of incorporation of the U.S. business enterprise. 3. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 4. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. 5. "Other U.S. areas" consists of the U.S. Virgin Islands, Guam, American Samoa, and all other outlying U.S. areas. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J-10,000 to 24,999; K-25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –16– Table 6.2 Current and Planned Employment 1 of U.S. Businesses Acquired, Established, and Expanded in 2018, State 2 by Type of Investment [Thousands of employees] Current employment 3 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses expanded acquired established (2) (3) (4) Total (1) Total New England: Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Mideast: Delaware District of Columbia Maryland New Jersey New York Pennsylvania Great Lakes: Illinois Indiana Michigan Ohio Wisconsin Plains: Iowa Kansas Minnesota Missouri Nebraska North Dakota South Dakota Southeast: Alabama Arkansas Florida Georgia Kentucky Louisiana Mississippi North Carolina South Carolina Tennessee Virginia West Virginia Southwest: Arizona New Mexico Oklahoma Texas Rocky Mountains: Colorado Idaho Montana Utah Wyoming Far West: Alaska California Hawaii Nevada Oregon Washington Puerto Rico Other U.S. areas 5 Planned employment 4 By type of investment Greenfield investment U.S. businesses U.S. businesses U.S. businesses acquired established expanded (6) (7) (8) Total (5) 430.6 426.4 2.9 1.3 469.8 426.42 36.4 7.0 2.3 0.1 4.2 0.1 0.1 0.0 2.2 0.1 4.2 0.1 0.1 0.0 0.0 0.0 (*) (*) 0.1 0.0 (*) 2.6 0.2 4.4 0.1 0.2 (*) 2.2 0.1 4.2 0.1 0.1 0.0 (*) 0.0 0.1 (*) (*) (*) 0.4 0.1 0.1 0.0 0.1 0.0 (*) 0.0 0.0 0.3 0.4 3.9 5.9 55.3 12.8 55.2 12.8 15.5 J 14.9 J 6.5 38.2 13.8 6.3 38.2 13.2 0.5 J 0.5 J 0.9 J 0.8 J 0.5 0.2 0.1 0.5 0.2 0.1 0.4 0.1 3.9 3.6 I 0.2 0.0 3.9 3.5 I 0.3 0.0 5.2 2.5 K 0.3 0.0 5.1 2.3 K 0.0 0.0 0.0 0.1 (*) (*) 2.1 0.1 2.0 0.1 0.1 0.0 0.2 0.2 0.0 0.0 1.2 A 0.7 A 1.4 45.5 1.4 45.3 0.5 0.0 0.0 0.1 0.0 0.0 0.1 1.4 0.0 0.2 1.0 0.0 1.3 0.0 0.2 1.0 0.0 (*) (*) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102.0 (*) 0.0 101.8 (*) 0.0 2.9 5.7 (*) 0.0 2.9 5.6 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 (*) 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.4 3.9 I 0.3 0.0 0.0 A (*) (*) 0.0 0.0 0.0 0.7 A (*) 0.0 0.5 0.0 (*) 0.4 3.9 I 0.6 0.0 (*) A 55.2 12.8 0.6 (*) 0.0 0.0 0.2 0.1 15.7 J 14.9 J 0.8 (*) (*) (*) 6.9 38.3 14.0 6.3 38.2 13.2 0.2 (*) 0.4 (*) 0.5 0.2 0.6 J 0.5 J 1.2 J 0.8 J 0.5 0.2 0.1 0.5 0.2 0.1 0.0 0.0 0.2 0.0 0.0 (*) 0.1 0.0 0.3 0.3 0.0 0.0 0.0 0.1 0.0 0.0 (*) (*) 5.1 0.1 K 0.2 0.0 3.9 3.5 I 0.0 0.0 (*) 0.4 (*) 0.0 0.0 0.1 0.0 0.0 0.0 0.2 (*) 0.1 (*) (*) 0.0 0.1 0.0 0.0 0.0 0.0 0.0 (*) 0.1 0.1 0.0 (*) (*) 0.8 0.4 3.9 6.2 55.9 12.9 0.0 0.0 0.0 0.0 (*) 3.8 I 0.0 H F 0.1 K 0.0 0.4 0.1 0.2 0.1 (*) 0.1 (*) (*) 6.4 2.9 K 0.3 0.0 5.1 2.3 K 0.0 1.0 0.4 (*) 2.7 0.1 2.0 0.1 0.2 0.0 1.2 A 0.7 A 1.4 45.9 1.4 45.3 0.5 0.0 (*) 1.4 (*) 1.3 0.0 0.2 1.0 0.0 0.2 1.1 (*) 0.0 104.4 (*) (*) 2.9 5.7 (*) 0.0 101.8 (*) 0.0 2.9 5.6 0.0 0.0 0.1 (*) 0.3 0.1 (*) 0.0 0.0 (*) 0.0 1.0 (*) (*) (*) 0.1 (*) 0.0 0.0 0.0 0.0 (*) Fewer than 50 employees. 1. Statistics include all full-time and part-time employees on payroll and exclude contract workers and other workers not carried on payroll of the U.S. business enterprise. 0.3 0.2 0.2 0.4 0.0 0.1 A 0.0 0.2 (*) 0.0 0.0 0.1 0.0 0.0 1.6 0.0 (*) 0.0 0.0 0.0 0.0 2. Statistics are shown for the state in which the newly acquired, established, or expanded U.S. business enterprise is located. If the U.S. business enterprise operates in more than one state; it is the state where the largest number of employees are based; if there are no employees it is the state of incorporation of the U.S. business enterprise. 3. Current employment includes the employment of the acquired, established, or new facilities of expanded affiliates at the time the transactions occurred or the investments were initiated. 4. Planned employment consists of the current employment of acquired enterprises, the planned employment of established business enterprises once they are fully operating, and the planned employment associated with the new facilities of expanded business enterprises once they are fully operating. 5. "Other U.S. areas" consists of the U.S. Virgin Islands, Guam, American Samoa, and all other outlying U.S. areas. NOTE. Size ranges are given in employment cells that are suppressed. The size ranges are: A-1 to 499; F-500 to 999; G-1,000 to 2,499; H-2,500 to 4,999; I-5,000 to 9,999; J10,000 to 24,999; K-25,000 to 49,999; L-50,000 to 99,999; M-100,000 or more. Source: U.S. Bureau of Economic Analysis –17–