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Rochester ranks No. 42 for foreign-owned businesses, report shows

Rochester Business Journal
June 20, 2014

Rochester ranks in the top 50 metro areas for jobs supported by foreign investment, a new report by Metropolitan Policy Program shows.

Some 21,701 jobs in the Rochester area are in foreign-owned establishments, which represents 5 percent of the total metro area private employment in FOE, according to FDI in U.S. Metro Areas. In 1991 Rochester captured some 3.1 percent of the nation’s foreign-owned establishment jobs.

Rochester ranked 42nd on the report, while Buffalo ranked 20th, with a 6.3 percent share of the total FOE private employment nationwide. Syracuse has a 4.2 percent share of the foreign-owned investment jobs nationwide, ranking the region 67th on the list.

Bridgeport, Conn., ranked No. 1 with a 13.6 percent share of FOE, totaling 50,694 jobs, while Modesto, Calif. ranked 99th, having just a 1.6 percent share of FOE jobs nationwide.

In New York, some 412,610 jobs are in foreign-owned establishments, representing 5.7 percent of the nation’s FOE jobs and ranking the state third nationwide.

The report notes that foreign-owned U.S. affiliates directly employ some 5.6 million workers in every sector of the economy. Foreign direct investment supports some 5.5 percent of private employment in the average large metro area, the Brookings report shows.

Jobs in FOEs are concentrated primarily in manufacturing and advanced industries, and mergers and acquisitions, rather than new openings, drive changes in the number of jobs over time, the report states.

“At the most basic level, a capital investment stands behind every job in the economy,” the report’s authors note. “At a time when jobs are scarce and corporate investment still trails pre-recession levels, FDI offers a fresh injection of capital—frequently backed by the latest technology—from outside of the U.S. economy.”

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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