New Report Highlights Ireland’s $240.1 Billion Impact on Foreign Direct Investment into the U.S.
Posted: October 06, 2021 | Word Count: 577
Underscoring the robust and diverse economic relationship between the Irish and United States economies, a new Bureau of Economic Analysis (BEA) report from the U.S. Department of Commerce places Ireland at #9 in Foreign Direct Investment contributors to the U.S. economy. Irish investment in the United States is now at $240.1 billion, showing consistent growth over the past three years, including during the pandemic, increasing by .4% from the 2020 report.
“Ireland’s outsized FDI contribution to the U.S. economy demonstrates the depth of the relationship between both economies and also the entrepreneurship, innovation and resilience of Irish businesses operating in the United States,” said Sean Davis, Regional Director North America, Enterprise Ireland. “Innovation in areas such as cybersecurity, digital health, financial technologies and green business solutions are powering Irish businesses in North America and helping forge strong commercial partnerships between U.S. and Irish business.”
More than 110,000 people are now employed by Irish-owned companies in the United States. Enterprise Ireland, the Irish government agency for advancing Irish business internationally, represents over 900 of these companies that directly employ more than 87,000 people in the United States. More than 900 Enterprise Ireland-supported companies operate across the U.S. with over 120 Irish companies establishing presences in the United States since January 2020 despite COVID-19’s economic impact.
Over the past year, Enterprise Ireland saw an average of two new Irish-based businesses established weekly in the United States. In 2020, Irish firms bolstered employee rosters in traditional hubs of Irish entrepreneurship in San Francisco, New York, Chicago, Los Angeles, Boston and Philadelphia, and in Irish firms in Florida, Texas, Georgia and Minnesota.
As the number one VC in the world by deal count, Enterprise Ireland invests in Irish innovation and acts as a gateway for U.S. businesses to access innovation from Ireland. Among the many key successes over the last year was Irish company Nearform, which developed a COVID-19 contact tracing app for government agencies that has since become the official contact tracing app in New York, New Jersey and several other U.S. states. Irish biometric authentication solutions provider Daon has created VeriFLY, a mobile health passport. Daon has partnered with multiple U.S.-based airlines including American Airlines and Alaska Airlines. The VeriFLY platform provides customers with an easy method of providing results from a negative coronavirus test and other completed documents required for international travel into the United States.
"By delivering world-class talent and creativity, coupled with a cooperation-driven attitude, Irish companies are developing the partnerships and investment opportunities that drive commerce on both sides of the Atlantic,” said Davis. “From engineering technology leadership to customer services to providing product components and finished goods, we're very proud of the shared connections between Ireland and the U.S., and we look forward to a bright future of continued mutual success."
For more information about the advantages of doing business with Irish companies, visit: https://go.irish-advantage.com/Contact-Us-USA.html.
About Enterprise Ireland: Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland's international trade, innovation, leadership and competitiveness. The 2020 global ranking by PitchBook, a leading V.C. and Private Equity Investment Platform, placed Enterprise Ireland first in terms of top V.C. investors in global funding.