June 20, 2011- Compared to 2009, foreign companies invested 49% more money in the U.S .economy in 2010 said the Obama administration on Monday. Ninety percent of the money came from Europe, Canada and Japan with less than 1% of the entire foreign investment coming from China. The US is consistently receiving more foreign investment than other countries around the world according to President Obama. Businesses by looking at their balance sheets have clearly said with this investment that the U.S. is one of the best investments in the world.
In total over $670 billion is spent by foreign owned businesses on goods and services in the U.S. that represents almost 6% of the US total private output says the White House. Mainly in the manufacturing sector foreign investment helped to fuel two million jobs said the White House Council of Economic Advisors report. In total foreign firms employ over 5% of the workforce in the US or about 5.7 million workers.
The Obama jobs council which is headed by Jeffrey Immelt, the CEO of General Electric has said foreign investment is a bright spot in economic growth in the United States. Jobs, on average, created by foreign investment average more than $70,000 a year about 30% higher than the average pay in the US.