Foreign Direct Investment in the United States 2014 Report

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1 Foreign Direct Investment in the United States 2014 Report ORGANIZATION FOR INTERNATIONAL INVESTMENT 1225 NINETEENTH STREET, NW, SUITE 501 WASHINGTON, DC

2 Overview Foreign direct investment in the United States known as FDIUS totaled nearly $2.8 trillion through on a historical-cost basis. FDIUS is equivalent to about 16.5 percent of U.S. gross domestic product. Each year foreign firms make new investments in the United States and others grow their well-established U.S. operations, which benefit the American economy in numerous ways. Foreign firms build new factories, fund research and development, and employ millions of Americans in well-paying jobs. In alone, international firms invested $236 billion in the U.S. economy, a 35 percent increase from Last year was the third best year for inward direct investment over the past decade. The illustration on the right shows that in equity drove much of this increase up $33 billion over the previous year. Reinvestment of earnings rose slightly. Debt instruments of $9.4 billion were positive last year. Worldwide investment followed a similar, although a less robust, pattern. Globally, annual foreign direct investment (FDI) inflows totaled $1.45 trillion in, a nine percent increase from 2012, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2014 (WIR). Foreign Direct Investment Flows to the United States Equity Reinvestment of Earnings Debt Instruments $175.2 B $93.9 B $236.3 B $126.9 B Whether the United States will retain its status as the world s most attractive investment location depends largely on future macroeconomic and financial conditions. For the second year in a row, A.T. Kearney s FDI Confidence Index ranked the United States as the world's top market in UNCTAD s WIR predicts that global FDI could rise to $1.6 trillion in 2014 and possibly reach $1.8 trillion by Cash holdings estimated at $4.5 trillion also remain high among the world s 5,000 largest multinational companies. More foreign direct investment dollars flowed to the United States last year than to any other single country in the world. International investment in the U.S. market topped other large markets, including China, Russia, Hong Kong, and Brazil. However, the World Investment Report shows foreign companies invested more in the larger European Union (EU) market than in the United States in. Worldwide, cumulative foreign inward investment rose to $25.5 trillion through. The U.S. share dropped to less than one-fifth last year from more than a third in 2000 because competition for foreign investment dollars has increased, and multinational companies have expanded their investments in faster growing developing markets. For the fourth consecutive year, more than half of all foreign direct investment in flowed to developing and transition economies; in fact, developed countries now account for only 39 percent of global FDI inflows. $97.5 B -$16.2 B 2012 $99.9 B $9.4 B UNCTAD s WIR cites global economic fragility and policy uncertainty as underlying factors for a delayed recovery in worldwide investment. And while most nations are eager to attract foreign investment dollars, many are also engaging in protectionist activities, such as reinforcing the regulatory environment for foreign investment and tightly monitoring cross-border mergers and acquisitions. Note: Cumulative foreign direct investment in the United States is shown on a historical-cost basis in this report. Data for inward direct investment (foreign direct investment in the United States) are shown on a directional basis. About the Data This report represents the latest available statistics on foreign direct investment in the United States at the time of publication in October The United States defines FDIUS (inward investment) as the ownership or control, directly or indirectly, by one foreign entity of a 10 percent or more ownership share of an incorporated or unincorporated U.S. business enterprise. 1

3 Cumulative FDIUS Climbs to $2.8 Trillion Annual foreign direct investment inflows over the last few years have pushed total foreign investment on a historical-cost basis to $2.8 trillion through. Foreign companies invested more in the United States than any other country in the world last year, whether measured cumulatively or by investment. There are any number of reasons why foreign investors prefer the American economy. First, and perhaps most important, the United States has one of the most open markets and investment climates in the world. Other advantages attracting foreign companies include: Cumulative Foreign Direct Investment in the United States, $2.1 T $2.3 T $2.4 T $2.6 T $2.8 T an unrivaled consumer market; a world-class system of higher education; a skilled and productive workforce; an entrepreneurial culture of innovation and risk taking; a transparent regulatory environment; and, the largest venture capital and private equity market in the world Data are shown on a historical-cost basis, or cost at time of investment. United States Faces Increasing Competition for Foreign Investment Dollars Worldwide Inward Stock of Foreign Direct Investment, 2000 and While foreign direct investment is an important part of the U.S. economy, the U.S. slice of worldwide FDI has shrunk as competitors vie for investment dollars by opening their economies to global investors. The United States held only 19 percent of the world s inward FDI stock through, an increase of 17 percent from the previous year. In contrast, the U.S. accounted for more than a third of the world s foreign investment stock at the beginning of the 21 st century. The European Union s share rose to 34 percent in from 31 percent in Foreign companies are investing more in transition and developing economies; nevertheless, the total stock of inward investment in these markets is still lower than in developed economies. Among the transition economies of southern and eastern Europe and the Commonwealth of Independent States, including the Russian Federation, the stock of foreign investment increased to four percent through from one percent in Developing economies saw the largest gain, claiming a third through, with China at four percent and Brazil holding three percent. Other Developed Economies 7% Transition Economies 1% Developing Economies 24% 2000 European Union 31% United States 37% Source: UNCTAD s World Investment Report 2014 Other Developed Economies 10% Transition Economies 4% Developing Economies 33% United States 19% European Union 34% 2

4 Foreign Direct Investment Inflows in Third Strongest Over Past Decade Foreign companies invested $236 billion in the United States last year, the third highest since Foreign direct investment in the United States consists of reinvestment of earnings, equity other than reinvestment of earnings investment, and debt instruments investment. Over the past decade, foreign direct investment in the United States peaked in 2008, reaching $310 billion. The recent global economic recession had a direct influence on inward direct investment transactions. In the United States, foreigners dramatically reduced their investment in 2009, which dropped more than half from the prior year. Foreign investment in the United States increased in 2010 and again in 2011, before dropping in Last year, foreign companies' confidence in the U.S. market returned, and inward direct investment rose 35 percent. Foreign Direct Investment in the United States $64 B $146 B $113 B $243 B $221 B $310 B $150 B $206 B $236 B $175 B $236 B Data for inward direct investment (foreign direct investment in the United States) are shown on a directional basis. Eight Countries Account for 80 Percent of Foreign Direct Investment in the United States A handful of countries provided the lion s share of the $2.8 trillion in cumulative foreign direct investment in the United States by year-end. The United Kingdom ranked as the single largest foreign investor in the U.S. economy, constituting nearly one-fifth of all cumulative foreign direct investment holdings. Japan s investment stock in the United States made up nearly 12 percent, followed by the Netherlands at 10 percent. Eight countries accounted for 80 percent of the stock of foreign direct investment in the United States through. More than 170 other countries represented the remainder. Cumulative Foreign Direct Investment in the United States by Country Through 8. Luxembourg $202 B 7. Germany $209 B 6. Switzerland $209 B All Other Countries $545 B 5. France $226 B 1. United Kingdom $519 B 4. Canada $238 B 2. Japan $342 B 3. Netherlands $274 B Data are shown on a historical-cost basis, or cost at time of investment. 3

5 Japan Ranks as Largest Foreign Direct Investor in the United States in Top Countries by FDIUS Flows Japan was the United States largest foreign investor in at nearly $45 billion. Japanese investment constituted nearly one-fifth of all foreign investment in the United States last year. The United Kingdom, Luxembourg, Canada, and Switzerland rounded out the top five largest investors in the United States. $44.9 B $41.9 B Ireland, the sixth largest investor, provided $15 billion, followed by the Netherlands, which was the largest investor in Germany, Norway, and the British Caribbean Islands took the remaining top spots in. $26.1 B $23.3 B $17.0 B $15.4 B As a group, the top 10 investing countries represented 92 percent of all foreign direct investment in the United States in. $12.8 B $11.9 B $9.3 B $8.8 B 1. Japan 2. United Kingdom 3. Luxembourg 4. Canada 5. Switzerland 6. Ireland 7. Netherlands 8. Germany 9. Norway 10. U.K. Islands, Caribbean Data by country are shown on a directional basis without current-cost adjustment. Top Investing Countries Significantly Increase FDIUS Flows Last Year Top Five Countries by FDIUS Flows Each of the top five countries by foreign investment inflows in increased their level of foreign investment spending in the United States over the previous year. Japanese firms invested 80 percent more in than in 2012, and British investment rose by two-thirds. Luxembourg invested three times more in the United States in than a year earlier. Canadian companies expanded their investments in the United States by more than 50 percent between 2012 and. Switzerland invested $17 billion in, a large turnaround following a disinvestment* by Swiss companies of $2.4 billion in $17.1 B $24.8 B $44.9 B $46.3 B $25.3 B $41.9 B $12.0 B $8.7 B $26.1 B $23.3 B $18.8 B $15.3 B $19.9 B $17.0 B -$2.4 B Japan United Kingdom Luxembourg Canada Switzerland *Disinvestment, or net negative financial inflows, occurs when flows from U.S. affiliates to their parent companies are greater than flows from parents to affiliates. Net negative flows may be due to reductions of equity (selloffs) in their affiliates by parents, distributions of earnings by affiliates to their parents, or net loan payments from affiliates to parents. Data by country are shown on a directional basis without current-cost adjustment. 4

6 Norway and Denmark Post Impressive Growth Rates in FDIUS Between 2012 and Two Scandinavian countries substantially increased their foreign direct investment positions in the United States between 2012 and. Norway more than tripled its investment, and Denmark raised its stake nearly twentyfold. Inward investment from sixth-ranked Ireland totaled $15.4 billion in after a billion dollar disinvestment in By comparison, direct investment from the Netherlands shrank 64 percent in from $36 billion in French investment also dropped sharply, falling to $3.3 billion in from $22.9 billion the previous year. Notably, Chinese direct investment flows fell in after rising every year since Italian investment was down by four percent between 2012 and. In all, only four of the top 20 countries decreased their investment holdings in the United States in. European Investors Dominate FDIUS Cumulatively, Europe is the largest regional investor in the United States. It provided more than two-thirds of all foreign investment through. These figures include the 28 European Union countries and other European nations with an investment stake in the United States. For example, two non-eu member countries Switzerland and Norway accounted for more than 10 percent of cumulative investment from Europe by the end of. The Asia and Pacific region ranked second accounting for 17 percent of FDIUS stock through. Canada held nine percent. The Caribbean countries made up the fourth-largest investment region at $74 billion as of year-end. The British Islands (British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands) ranked first in Caribbean investment. The stock of direct investment from South and Central America, the Middle East, and Africa remains tiny. By the end of, each represented less than one percent. Inward Investment from Leading Countries, (in millions of dollars) Rank Country 2012 Percent Change 1. Japan $24,830 $44,861 81% 2. United Kingdom $25,250 $41,909 66% 3. Luxembourg $8,673 $26, % 4. Canada $15,339 $23,336 52% 5. Switzerland -$2,439 $16,994 n/a 6. Ireland -$1,027 $15,351 n/a 7. Netherlands $36,009 $12,821-64% 8. Germany $7,337 $11,859 62% 9. Norway $2,787 $9, % 10. U.K. Islands, Caribbean $5,942 $8,801 48% 11. South Korea $5,616 $6,632 18% 12. France $22,882 $3,326-85% 13. Mexico $2,035 $3,130 54% 14. China $3,491 $2,419-31% 15. Denmark $119 $2,374 1,895% 16. Bermuda -$3,101 $2,310 n/a 17. Italy $2,226 $2,138-4% 18. Sweden $2,066 $2,087 1% 19. Spain $1,654 $1,686 2% 20. Hong Kong $1,334 $1,390 4% Data by country are shown on a directional basis without current-cost adjustment. Cumulative Foreign Direct Investment in the United States by Region, Canada $238 B Asia & Pacific $470 B Europe $1,934 B (European Union: $1,685 B) Data are shown on a historical-cost basis, or cost at time of investment. Caribbean $74 B South & Central America - $26 B Middle East $21 B Africa $2 B 5

7 China Leads Again as Largest U.S. Investor Among (BRICS) Countries in Inward Investment Flows from BRICS Countries The large emerging economies of Brazil, Russia, India, China, and South Africa are known collectively as the BRICS. Despite their size, their combined investment in the United States totaled just 1.5 percent of all foreign investment in. At $2.4 billion, China ranked as the largest BRICS investor in. Its investment tripled from 2011 to 2012, but dropped to $2.4 billion in. South Africa s investment more than tripled between 2012 and to $500 million. Russia invested nearly $800 million in after a year of disinvestment. $3.7 B $1.2 B $3.5 B $2.4 B $1.1 B In contrast, Brazil and India posted disinvestments in. Brazil s U.S. investment of $3.7 billion in 2011 outpaced the other BRICS over the past three years. India s investment in the United States has been modest totaling less than $1.5 billion in 2011 and $0.7 B $0.8 B -$0.6 B-$0.1 B -$0.2 B Brazil Russia $0.7 B -$0.01 B India China $0.5 B $0.3 B $0.1 B South Africa Even as the BRICS invest more globally, their combined investment in the United States remains small. According to UNCTAD s WIR, the BRICS represented 14 percent of total worldwide investment outflows in. China and Russia led the BRICS in global investment. Data by country are shown on a directional basis without current-cost adjustment. Manufacturing is Largest Industry for Foreign Investors Cumulative FDIUS by Industry All sectors of the U.S. economy represent significant business opportunities for foreign companies. Exceeding $900 billion in, manufacturing accounted for one-third of cumulative foreign direct investment. Because the United States has the world s largest and most liquid financial markets, foreign companies, on a cumulative basis, have invested heavily in the U.S. finance and insurance industries, reaching $365 billion by year-end. International companies have spent more than $300 billion in wholesale trade over time. Banking, information, and professional, scientific, and technical services each received more than $100 billion in cumulative foreign direct investment through. Real Estate & Leasing - $51 B Retail Trade - $60 B Professional, Scientific & Technical Services $104 B Other Industries $590 B Information $149 B Banking $181 B Wholesale Trade $329 B Manufacturing $936 B Finance & Insurance $365 B Data are shown on a historical-cost basis, or cost at time of investment. 6

8 Finance and Insurance is Fastest Growing Industry Segment Inward Investment Flows by Industry Foreign direct investment in finance and insurance rose to $24.1 billion in from $4.7 billion in 2012, growing faster than foreign investment flows to other sectors of the American economy. The information sector attracted $26.3 billion in foreign direct investment in, a fourfold increase over the previous year. Foreign investment in U.S. wholesale trade grew nearly 50 percent to $31.7 billion in. Manufacturing Wholesale Trade Information $5.8 B $21.6 B $31.7 B $26.3 B $93.8 B $95.0 B Foreign direct investment shrank in just two sectors of the U.S. economy last year. International firms lowered their investment holdings in U.S. real estate and leasing to $200 million in. International companies reduced investment in professional, scientific and technical services by nearly 50 percent between 2012 and. Finance & Insurance Retail Trade Professional, Scientific, & Technical Services $4.7 B $4.4 B $7.0 B $10.1 B $5.4 B $24.1 B Banking Real Estate & Leasing -$0.8 B $4.0 B $2.4 B $0.2 B 2012 Data by industry are shown on a directional basis without current-cost adjustment. Chemicals Top FDIUS Manufacturing Sector International firms invest heavily in U.S. manufacturing. Chemicals, with $280 billion in cumulative foreign direct investment by the end of, represented nearly a third of cumulative foreign direct investment in U.S. manufacturing. Foreign companies spend billions every year in the U.S. chemicals industry because it boasts a highly educated workforce, world-class research centers, strong intellectual property protections, and a robust regulatory system. Cumulative FDIUS in Manufacturing Electrical Equipment, Appliances, & Components - $47 B Computers & Electronic Products $49 B Other Manufacturing $93 B Chemicals $280 B Foreign investment in the transportation equipment industry, which mostly covers auto and auto parts manufacturing, totaled $110 billion through. International companies invested a total of $108 billion in petroleum and coal products by. Machinery ranked fourth at $87 billion the same year. The nonmetallic minerals products industry, made up largely of cement and concrete manufacturing, ranked fifth receiving $55 billion in cumulative foreign direct investment through. Food $51 B Nonmetallic Mineral Products $55 B Primary & Fabricated Metals - $53 B Machinery $87 B Transportation Equipment $110 B Petroleum & Coal Products $108 B Data are shown on a historical-cost basis, or cost at time of investment. 7

9 Food Realizes Large Growth in FDIUS Last Year Inward Investment Flows by Selected Manufacturing Industries, At nearly $95 billion, international investment in manufacturing provided more than 40 percent of total foreign direct investment inflows in. Chemicals manufacturing, dominated by pharmaceuticals and medicines, received $56 billion in foreign investment in, a 22 percent increase over Chemicals Food $3.5 B $13.2 B $46.4 B $56.4 B U.S. food manufacturing was another important sector for foreign investors last year, with spending rising to $13.2 billion, nearly quadrupling from $3.5 billion in Foreign investment in U.S. machinery manufacturing grew to $12 billion in. Machinery Electrical Equipment, Appliances, & Components $8.5 B $12.1 B $6.4 B $23.1 B Foreign investment dropped in two key U.S. manufacturing sectors. In transportation equipment, inward investment flows fell below $1 billion in compared to $6.9 billion in In electrical equipment, appliances, and components manufacturing, foreign direct investment shrank to $6.4 billion in from $23.1 billion the previous year. Primary & Fabricated Metals Transportation Equipment -$0.02 B $2.0 B $6.9 B $0.7 B 2012 Data by industry are shown on a directional basis without current-cost adjustment. 8

10 Appendix A: FDIUS by Selected Countries (millions of dollars) Cumulative FDIUS Through FDIUS Flows Europe $1,933,589 $99,073 $151,055 $128,687 $117,723 $138,393 40% Austria $5,948 (D) $136 $177 $423 $568 n/a Belgium $65,135 $13,262 $5,640 $10,284 $11,813 -$12,811 n/a Cyprus $2,406 (D) -$173 (D) (D) (D) n/a Denmark $10,076 $1,171 $1,472 $462 $119 $2, % Finland $7,597 (D) -$179 $660 -$214 $619 n/a France $226,131 $25,369 $8,865 $795 $22,882 $3,326-87% Germany $208,841 $12,320 $18,760 $16,396 $7,337 $11,859-4% Hungary $20,116 $266 -$26,488 -$3,650 $2,569 -$162 n/a Ireland $26,219 -$1,348 $5,417 -$1,696 -$1,027 $15,351 n/a Italy $25,384 -$2,462 $1,304 $3,334 $2,226 $2,138 n/a Luxembourg $201,603 $17,349 $29,461 $11,989 $8,673 $26,101 50% Netherlands $273,884 $5,018 $20,772 $8,457 $36,009 $12, % Norway $26,075 $577 $885 $7,743 $2,787 $9, % Russia $6,197 -$746 -$1,905 $693 -$220 $754 n/a Spain $48,528 $4,569 $4,410 $5,923 $1,654 $1,686-63% Sweden $44,397 $1,381 $10,903 $2,779 $2,066 $2,087 51% Switzerland $209,397 $10,710 $41,406 $19,894 -$2,439 $16,994 59% United Kingdom $518,643 $18,373 $30,069 $46,316 $25,250 $41, % Asia and Pacific $469,610 $5,482 $26,875 $50,832 $31,922 $53, % Australia $44,742 -$3,850 $4,047 $21,163 -$6,209 -$3,079 n/a China $8,073 $500 $1,037 $1,105 $3,491 $2, % Hong Kong $5,860 -$10 $271 $236 $1,334 $1,390 n/a India $7,118 $490 $1,289 $1,241 $742 -$11 n/a Japan $342,327 $6,544 $15,805 $17,077 $24,830 $44, % Singapore $19,760 $1,328 $1,496 $2,862 $2,082 $1,148-14% South Korea $32,456 $236 $2,245 $4,798 $5,616 $6, % Taiwan $6,420 -$405 $726 $284 $476 $997 n/a Canada $237,921 $30,366 $7,357 $18,790 $15,339 $23,336-23% Caribbean $73,549 $6,897 $10,599 $13,937 $2,810 $11,187 62% Curacao* $3, $243 $478 -$39 n/a United Kingdom Islands, Caribbean $80,106 $2,481 $5,627 $14,859 $5,942 $8, % South and Central America $26,152 $1,093 $2,824 $7,200 $1,427 $3, % Brazil $1,054 -$1,539 $2,718 $3,681 -$614 -$115 n/a Mexico $17,610 $2,469 -$123 $2,432 $2,035 $3,130 27% Panama $1,231 $144 -$553 $87 -$10 $75-48% Venezuela $4,718 $158 $420 $503 $576 $148-6% Middle East $21,166 $1,366 -$1,747 $8,429 $180 $959-30% Israel $9,471 $1,166 $273 $6,202 $31 $134-89% Qatar $2,605 $174 (D) $19 $8 (D) n/a United Arab Emirates $1,804 $151 -$1,669 $630 -$117 -$727 n/a Africa $1,968 -$672 $1,085 $1,988 $280 $70 n/a South Africa $1,052 -$217 $126 $261 $146 $525 n/a Other Areas BRICS** $23,494 -$1,512 $3,265 $6,981 $3,545 $3,572 n/a European Union (28) $1,685,337 $92,686 $110,758 $102,842 $118,587 $108,134 17% D Suppressed to avoid disclosure of individual companies. *Prior to 2011, Curacao was included in the Netherlands Antilles (not shown here). **BRICS countries are Brazil, Russia, India, China, and South Africa.

11 Appendix B: FDIUS by Selected Industries (millions of dollars) Cumulative FDIUS Through FDIUS Flows Manufacturing $935,728 $53,416 $91,896 $83,627 $93,825 $94,973 78% Food $50,983 $2,756 $14,545 -$1,127 $3,544 $13, % Chemicals $280,445 $12,299 $15,273 $42,689 $46,373 $56, % Basic chemicals $53,961 -$1,193 $10,467 $3,149 $15,741 $12,486 n/a Pharmaceuticals & medicines $167,814 $12,868 $419 $36,840 $24,434 $37, % Primary & fabricated metals $52,989 $3,894 $4,816 $5,026 -$16 $2,035-48% Primary metals $30,631 $4,109 $2,963 $2,854 -$3,143 $267-94% Machinery $87,188 $5,402 $1,234 $1,805 $8,479 $12, % Engines, turbines, & power transmission equipment $27,867 $4,169 $531 (D) (D) $3,676-12% Computers & electronic products $49,352 -$3,974 $5,399 $3,385 $5,513 -$2,960 n/a Semiconductors & other electronic components $28,395 -$780 $4,889 $3,580 $3,290 -$1,166 n/a Electrical equipment, appliances, & components $47,310 $2,187 -$121 $2,562 $23,100 $6, % Transportation equipment $110,327 $16,035 $11,145 $6,431 $6,941 $706-96% Motor vehicles, bodies & trailers, & parts $74,371 $13,309 $10,260 $3,709 $5,907 $924-93% Aerospace products & parts $22,671 $1,007 $1,290 $2,468 $357 $457-55% Beverages & tobacco products $29,241 (D) (D) $2,095 -$1,590 $3,749 n/a Petroleum & coal products $108,339 $8,068 $25,274 (D) $2,620 (D) n/a Nonmetallic mineral products $55,461 $1,771 -$297 $480 -$3,899 $2,764 56% Cement & concrete products $45,748 $2,207 -$315 -$308 -$4,334 $324-85% Medical equipment & supplies $29,216 $2,014 $6,527 (D) $1,406 (D) n/a Wholesale trade $328,546 $11,628 $23,806 $26,548 $21,591 $31, % Motor vehicles & motor vehicle parts & supplies $59,731 -$1,955 -$302 $5,395 $2,763 $5,863 n/a Electrical goods $51,539 $430 $461 $6,386 $6,611 $5, % Petroleum & petroleum products $57,641 $9,140 $2,703 $15,805 $6,181 $7,282-20% Professional & commercial equipment & supplies $29,300 -$221 $1,254 $2,312 $1,470 -$36 n/a Drugs & druggists sundries $29,258 $4,718 $10,910 -$5,840 $1,460 $4,466-5% Retail trade $59,870 $4,168 -$1,445 $2,181 $4,422 $6,973 67% Food & beverage stores $24,705 $3,850 $2,292 $366 $1,116 $1,555-60% Information $148,551 -$7,876 -$10,199 -$5,301 $5,796 $26,283 n/a Publishing industries $46,145 -$1,571 -$8,039 $293 $5,177 -$5,330 n/a Software publishers $32,204 $31 $530 $110 $3,767 -$5,983 n/a Telecommunications $55,603 -$934 $647 $3,376 $503 $18,721 n/a Depository institutions (banking) $181,391 $16,586 $12,367 $26,049 -$752 $4,008-76% Banks $151,678 $10,336 $6,864 $17,927 -$4,768 $3,465-66% Branches & agencies $29,713 $6,250 $5,504 $8,122 $4,016 $543-91% Finance (except depository institutions) & insurance $364,727 $28,483 $35,514 $16,719 $4,674 $24,075-15% Finance, except depository institutions $192,561 $14,971 $26,380 $24,262 $8,565 $12,156-19% Insurance carriers & related activities $172,165 $13,512 $9,134 -$7,543 -$3,891 $11,919-12% Real estate & rental & leasing $50,651 -$1,021 -$581 $630 $2,380 $245 n/a Real estate $36,518 $692 $606 $91 $1,012 $147-79% Professional, scientific, & technical services $104,233 $2,412 $15,699 $4,951 $10,115 $5, % Computer systems design & related services $35,006 $572 $12,235 $1,306 $9,184 $953 67% Advertising & related services $24,895 $1,995 $291 $23 $30 $593-70% Other industries $590,260 $35,808 $30,992 $74,458 $27,629 $37,032 3% Mining $150,386 $7,591 $21,767 $50,064 $6,983 $10,632 40% Utilities $67,441 $8,768 $1,068 $2,873 $4,185 $7,032-20% Electric power generation, transmission, & distribution $63,219 $9,880 $2,474 $2,570 $2,829 $6,105-38% Transportation & warehousing $47,776 $5,796 -$1,072 -$2,769 $1,276 $5,655-2% Pipeline transportation $22,370 $2,354 -$194 -$2,561 $1,457 (D) n/a Holding companies (nonbank) $229,895 $6,999 $5,346 $15,485 $18,212 $4,348-38% Administrative & support services $30,173 (D) (D) $3,120 -$3,203 -$1,750 n/a Addendum: Petroleum* $307,588 (D) $49,413 $79,857 $15,174 $13,466 n/a D Suppressed to avoid disclosure of individual companies. *Petroleum consists of oil and gas extraction; support activities for oil and gas extraction; petroleum and coal products manufacturing; petroleum and petroleum products wholesale trade; gasoline stations; petroleum tanker operations; pipeline transportation of of crude oil, refined petroleum products, and natural gas; and petroleum storage for hire.

12 About Content First, LLC This report was prepared by Content First, a full-service public policy research firm based in Washington, D.C. Content First provides trade associations, businesses, law firms, consulting firms and the public affairs community with the data they need to make strategic decisions, build their reputations, and advocate for policy change more effectively. In today s competitive, information-based economy, having the right content is key to success. At Content First, we help our clients reach their goals with public policy data, statistics, and research that are accurate, timely, and targeted. But we know that simply providing data isn t enough. To be persuasive, information needs to be understandable. That s why Content First makes the numbers meaningful and relevant, in reports that combine thoughtful analysis with easy-to-grasp presentation and clear calls to action. With research reports from Content First, our clients: Develop policies to support their advocacy goals Make informed business decisions Improve their competitive advantage and strengthen their reputations Satisfy their customers Save time and money Our clients include prominent national and international trade associations such as the U.S. Chamber of Commerce, the Embassy of Switzerland, Global Automakers, and the Confederation of British Industry. The Content First team has more than 40 years of experience in presenting industry research and public policy issues to government officials, business leaders and the press. For more information about Content First, or to work with us, please contact us at: Content First, LLC Washington, DC Phone: Fax:

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