Foreign Direct Investment in the United States 2014 Report

Foreign Direct Investment in the United States

2014 Report

O R G A N I Z A T I O N F O R I N T E R N A T I O N A L I N V E S T M E N T

1 2 2 5 N I N E T E E N T H S T R E E T , N W , S U I T E 5 0 1

W A S H I N G T O N , D C 2 0 0 3 6

W W W . O F I I . O R G

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Foreign Direct Investment in the United States - 2014 Report

1© Organization for International Investment 2014

About the DataThis report represents the latest avail-able statistics on foreign direct invest-ment in the United States at the time ofpublication in October 2014. The UnitedStates defines FDIUS (inward invest-ment) as the ownership or control,directly or indirectly, by one foreign enti-ty of a 10 percent or more ownershipshare of an incorporated or unincorpo-rated U.S. business enterprise.Note: Cumulative foreign direct investment in the United States is shown on a historical-cost basis in this report.

2013

2012

DebtInstruments

Reinvestmentof Earnings

Equity

$126.9 B

$97.5 B

-$16.2 B

$93.9 B

$99.9 B

$9.4 B

$236.3 B

$175.2 B

Foreign DirectInvestment Flows to the

United States 2012-2013

Overview

Foreign direct investment in the United States known as FDIUS totaled nearly $2.8 tril-lion through 2013 on a historical-cost basis. FDIUS is equivalent to about 16.5 percent ofU.S. gross domestic product. Each year foreign firms make new investments in theUnited States and others grow their well-established U.S. operations, which benefit theAmerican economy in numerous ways. Foreign firms build new factories, fund researchand development, and employ millions of Americans in well-paying jobs.

In 2013 alone, international firms invested $236 billion in the U.S. economy, a 35 percentincrease from 2012. Last year was the third best year for inward direct investment overthe past decade. The illustration on the right shows that in 2013 equity drove much ofthis increase up $33 billion over the previous year. Reinvestment of earnings rose slight-ly. Debt instruments of $9.4 billion were positive last year.

Worldwide investment followed a similar, although a less robust, pattern. Globally, annu-al foreign direct investment (FDI) inflows totaled $1.45 trillion in 2013, a nine percentincrease from 2012, according to the United Nations Conference on Trade andDevelopment (UNCTAD) World Investment Report 2014 (WIR).

Whether the United States will retain its status as the world’s most attractive investmentlocation depends largely on future macroeconomic and financial conditions. For the sec-ond year in a row, A.T. Kearney’s FDI Confidence Index ranked the United States as theworld's top market in 2014. UNCTAD’s WIR predicts that global FDI could rise to $1.6 tril-lion in 2014 and possibly reach $1.8 trillion by 2016. Cash holdings estimated at $4.5 tril-lion 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 anyother single country in the world. International investment in the U.S. market toppedother large markets, including China, Russia, Hong Kong, and Brazil. However, the WorldInvestment Report shows foreign companies invested more in the larger EuropeanUnion (EU) market than in the United States in 2013.

Worldwide, cumulative foreign inward investment rose to $25.5 trillion through 2013.The U.S. share dropped to less than one-fifth last year from more than a third in 2000because competition for foreign investment dollars has increased, and multinationalcompanies have expanded their investments in faster growing developing markets. Forthe fourth consecutive year, more than half of all foreign direct investment in 2013flowed to developing and transition economies; in fact, developed countries nowaccount for only 39 percent of global FDI inflows.

UNCTAD’s WIR cites global economic fragility and policy uncertainty as underlying fac-tors for a delayed recovery in worldwide investment. And while most nations are eagerto attract foreign investment dollars, many are also engaging in protectionist activities,such as reinforcing the regulatory environment for foreign investment and tightly moni-toring cross-border mergers and acquisitions.

Data for inward direct investment (foreign directinvestment in the United States) are shown on adirectional basis. Source: Bureau of Economic Analysis

Cumulative FDIUS Climbs to $2.8 Trillion

Annual foreign direct investment inflows over the lastfew years have pushed total foreign investment on ahistorical-cost basis to $2.8 trillion through 2013.Foreign companies invested more in the United Statesthan any other country in the world last year, whethermeasured cumulatively or by 2013 investment. Thereare any number of reasons why foreign investors preferthe American economy. First, and perhaps most impor-tant, the United States has one of the most open mar-kets and investment climates in the world. Other advan-tages attracting foreign companies include:

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 marketin the world.

20132012201120102009

$2.1 T$2.3 T

$2.4 T$2.6 T

$2.8 T

Cumulative Foreign Direct Investment in theUnited States, 2009-2013

Data are shown on a historical-cost basis, or cost at time of investment.Source: Bureau of Economic Analysis



United States Faces Increasing Competitionfor Foreign Investment Dollars

While foreign direct investment is an important part ofthe U.S. economy, the U.S. slice of worldwide FDI hasshrunk as competitors vie for investment dollars byopening their economies to global investors. TheUnited States held only 19 percent of the world’sinward FDI stock through 2013, an increase of 17 per-cent from the previous year. In contrast, the U.S.accounted for more than a third of the world’s foreigninvestment stock at the beginning of the 21st century.The European Union’s share rose to 34 percent in 2013from 31 percent in 2000.

Foreign companies are investing more in transition anddeveloping economies; nevertheless, the total stock ofinward investment in these markets is still lower than indeveloped economies. Among the transition economiesof southern and eastern Europe and the Common-wealth of Independent States, including the RussianFederation, the stock of foreign investment increasedto four percent through 2013 from one percent in 2000.Developing economies saw the largest gain, claiming athird through 2013, with China at four percent andBrazil holding three percent.

Transition Economies1%

DevelopingEconomies

24%

Other DevelopedEconomies

7%

United States37%

2000

European Union31%

Other DevelopedEconomies

10%

Transition Economies4%

2013

United States19%

European Union34%

DevelopingEconomies

33%

Worldwide Inward Stock of Foreign Direct Investment, 2000 and 2013

Source: UNCTAD’s World Investment Report 2014

8. Luxembourg$202 B

7. Germany$209 B

6. Switzerland$209 B

5. France$226 B

4. Canada$238 B

3. Netherlands$274 B

2. Japan$342 B

1. United Kingdom$519 B

All OtherCountries$545 B

Cumulative Foreign Direct Investmentin the United States by Country

Through 2013

Eight Countries Account for 80 Percent ofForeign Direct Investment in the UnitedStates

A handful of countries provided the lion’s share of the$2.8 trillion in cumulative foreign direct investment inthe United States by year-end 2013. The UnitedKingdom ranked as the single largest foreign investorin the U.S. economy, constituting nearly one-fifth of allcumulative foreign direct investment holdings. Japan’sinvestment stock in the United States made up nearly12 percent, followed by the Netherlands at 10 percent.

Eight countries accounted for 80 percent of the stockof foreign direct investment in the United Statesthrough 2013. More than 170 other countries repre-sented the remainder.




Foreign Direct Investment Inflows in 2013Third Strongest Over Past Decade

Foreign companies invested $236 billion in the UnitedStates last year, the third highest since 2003. Foreigndirect investment in the United States consists of rein-vestment of earnings, equity other than reinvestment ofearnings investment, and debt instruments investment.

Over the past decade, foreign direct investment in theUnited States peaked in 2008, reaching $310 billion.The recent global economic recession had a directinfluence on inward direct investment transactions. Inthe United States, foreigners dramatically reduced theirinvestment in 2009, which dropped more than half fromthe prior year. Foreign investment in the United Statesincreased in 2010 and again in 2011, before dropping in2012. Last year, foreign companies' confidence in theU.S. market returned, and inward direct investment rose35 percent.

$236 B

2012201120102009200820072006200520042003 2013

$64 B

$146 B

$113 B

$243 B

$221 B

$310 B

$150 B

$206 B

$236 B

$175 B

Foreign Direct Investment in the United States2003-2013

Data for inward direct investment (foreign direct investment in the United States) are shown on adirectional basis. Source: Bureau of Economic Analysis


SwitzerlandCanadaLuxembourgUnited KingdomJapan

2013

2012

2011

$17.1 B

$24.8 B

$44.9 B

$12.0 B$8.7 B

$25.3 B

$41.9 B

$46.3 B

$26.1 B

$18.8 B

$15.3 B

$23.3 B

$19.9 B

-$2.4 B

$17.0 B

Top Five Countries by FDIUS Flows2011-2013

Top Investing Countries SignificantlyIncrease FDIUS Flows Last Year

Each of the top five countries by foreign investmentinflows in 2013 increased their level of foreign invest-ment spending in the United States over the previousyear. Japanese firms invested 80 percent more in 2013than in 2012, and British investment rose by two-thirds.Luxembourg invested three times more in the UnitedStates in 2013 than a year earlier.

Canadian companies expanded their investments in theUnited States by more than 50 percent between 2012and 2013. Switzerland invested $17 billion in 2013, alarge turnaround following a disinvestment* by Swisscompanies of $2.4 billion in 2012.


Data by country are shown on a directional basis without current-cost adjustment.Source: Bureau of Economic Analysis

**Disinvestment, or net negative financial inflows, occurs when flows from U.S. affiliates totheir parent companies are greater than flows from parents to affiliates. Net negative flowsmay be due to reductions of equity (selloffs) in their affiliates by parents, distributions ofearnings by affiliates to their parents, or net loan payments from affiliates to parents.

10.U.K.

Islands,Caribbean

9.Norway

8.Germany

7.Nether-lands

6.Ireland

5.Switzer-

land

4.Canada

3.Luxem-bourg

2.United

Kingdom

1.Japan

$44.9 B$41.9 B

$26.1 B$23.3 B

$17.0 B$15.4 B

$12.8 B $11.9 B$9.3 B $8.8 B

Top Countries by FDIUS Flows2013

Japan Ranks as Largest Foreign DirectInvestor in the United States in 2013

Japan was the United States’ largest foreign investor in2013 at nearly $45 billion. Japanese investment consti-tuted nearly one-fifth of all foreign investment in theUnited States last year. The United Kingdom, Luxem-bourg, Canada, and Switzerland rounded out the topfive largest investors in the United States.

Ireland, the sixth largest investor, provided $15 billion,followed by the Netherlands, which was the largestinvestor in 2012. Germany, Norway, and the BritishCaribbean Islands took the remaining top spots in 2013.

As a group, the top 10 investing countries represented92 percent of all foreign direct investment in the UnitedStates in 2013.



European Investors Dominate FDIUS

Cumulatively, Europe is the largest regional investor inthe United States. It provided more than two-thirds ofall foreign investment through 2013. These figuresinclude the 28 European Union countries and otherEuropean nations with an investment stake in theUnited States. For example, two non-EU member coun-tries—Switzerland and Norway—accounted for morethan 10 percent of cumulative investment from Europeby the end of 2013.

The Asia and Pacific region ranked second accountingfor 17 percent of FDIUS stock through 2013. Canadaheld nine percent.

The Caribbean countries made up the fourth-largestinvestment region at $74 billion as of year-end 2013.The British Islands (British Virgin Islands, CaymanIslands, Montserrat, and Turks and Caicos Islands)ranked first in Caribbean investment.

The stock of direct investment from South and CentralAmerica, the Middle East, and Africa remains tiny. Bythe end of 2013, each represented less than one per-cent.

Africa$2 B

Middle East$21 B

South & CentralAmerica - $26 B

Caribbean$74 B

Canada$238 B

Asia & Pacific$470 B

Europe$1,934 B

(European Union: $1,685 B)

Cumulative Foreign Direct Investment in theUnited States by Region, 2013



Rank Country 2012 2013 PercentChange

1. Japan $24,830 $44,861 81%2. United Kingdom $25,250 $41,909 66%3. Luxembourg $8,673 $26,101 201%4. Canada $15,339 $23,336 52%5. Switzerland -$2,439 $16,994 n/a6. Ireland -$1,027 $15,351 n/a7. Netherlands $36,009 $12,821 -64%8. Germany $7,337 $11,859 62%9. Norway $2,787 $9,256 232%

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/a17. 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%

Inward Investment from Leading Countries,2012-2013

(in millions of dollars)

Norway and Denmark Post ImpressiveGrowth Rates in FDIUS Between 2012 and2013

Two Scandinavian countries substantially increasedtheir foreign direct investment positions in the UnitedStates between 2012 and 2013. Norway more thantripled its investment, and Denmark raised its stakenearly twentyfold. Inward investment from sixth-rankedIreland totaled $15.4 billion in 2013 after a billion dollardisinvestment in 2012.

By comparison, direct investment from the Netherlandsshrank 64 percent in 2013 from $36 billion in 2012.French investment also dropped sharply, falling to $3.3billion in 2013 from $22.9 billion the previous year.Notably, Chinese direct investment flows fell in 2013after rising every year since 2009. Italian investmentwas down by four percent between 2012 and 2013. Inall, only four of the top 20 countries decreased theirinvestment holdings in the United States in 2013.


Manufacturing is Largest Industry forForeign Investors

All sectors of the U.S. economy represent significantbusiness opportunities for foreign companies.Exceeding $900 billion in 2013, manufacturing account-ed for one-third of cumulative foreign direct investment.Because the United States has the world’s largest andmost liquid financial markets, foreign companies, on acumulative basis, have invested heavily in the U.S.finance and insurance industries, reaching $365 billionby year-end 2013. International companies have spentmore than $300 billion in wholesale trade over time.Banking, information, and professional, scientific, andtechnical services each received more than $100 billionin cumulative foreign direct investment through 2013.

Other Industries$590 B

Real Estate & Leasing - $51 B

Retail Trade - $60 B

Professional, Scientific& Technical Services

$104 BBanking$181 B Wholesale

Trade$329 B

Finance &Insurance

$365 B

Manufacturing$936 B

Information$149 B

Cumulative FDIUS by Industry2013




ChinaIndiaRussiaBrazil South Africa

2013

2012

2011$3.7 B

$0.8 B

-$0.6 B -$0.2 B

$0.7 B

-$0.1 B

$1.2 B

$0.3 B

$0.7 B

$3.5 B

$0.1 B

$1.1 B

-$0.01 B

$0.5 B

$2.4 B

Inward Investment Flows from BRICS Countries2011-2013

China Leads Again as Largest U.S. InvestorAmong (BRICS) Countries in 2013

The large emerging economies of Brazil, Russia, India,China, and South Africa are known collectively as theBRICS. Despite their size, their combined investment inthe United States totaled just 1.5 percent of all foreigninvestment in 2013. At $2.4 billion, China ranked as thelargest BRICS investor in 2013. Its investment tripledfrom 2011 to 2012, but dropped to $2.4 billion in 2013.South Africa’s investment more than tripled between2012 and 2013 to $500 million. Russia invested nearly$800 million in 2013 after a year of disinvestment.

In contrast, Brazil and India posted disinvestments in2013. Brazil’s U.S. investment of $3.7 billion in 2011outpaced the other BRICS over the past three years.India’s investment in the United States has been mod-est totaling less than $1.5 billion in 2011 and 2012.

Even as the BRICS invest more globally, their combinedinvestment in the United States remains small.According to UNCTAD’s WIR, the BRICS represented 14percent of total worldwide investment outflows in2013. China and Russia led the BRICS in global invest-ment.



Chemicals Top FDIUS Manufacturing Sector

International firms invest heavily in U.S. manufacturing.Chemicals, with $280 billion in cumulative foreign directinvestment by the end of 2013, represented nearly athird of cumulative foreign direct investment in U.S.manufacturing. Foreign companies spend billions everyyear in the U.S. chemicals industry because it boasts ahighly educated workforce, world-class research cen-ters, strong intellectual property protections, and arobust regulatory system.

Foreign investment in the transportation equipmentindustry, which mostly covers auto and auto parts man-ufacturing, totaled $110 billion through 2013. Inter-national companies invested a total of $108 billion inpetroleum and coal products by 2013. Machineryranked fourth at $87 billion the same year. The non-metallic minerals products industry, made up largely ofcement and concrete manufacturing, ranked fifthreceiving $55 billion in cumulative foreign direct invest-ment through 2013.

OtherManufacturing

$93 B

Food$51 B

Electrical Equipment, Appliances, & Components - $47 B

Primary & FabricatedMetals - $53 B

NonmetallicMineral Products

$55 B

Computers & Electronic Products

$49 B

Machinery$87 B

TransportationEquipment

$110 BPetroleum &

Coal Products$108 B

Chemicals$280 B

Cumulative FDIUS in Manufacturing2013



Finance and Insurance is Fastest GrowingIndustry Segment

Foreign direct investment in finance and insurance roseto $24.1 billion in 2013 from $4.7 billion in 2012, grow-ing faster than foreign investment flows to other sec-tors of the American economy. The information sectorattracted $26.3 billion in foreign direct investment in2013, a fourfold increase over the previous year.Foreign investment in U.S. wholesale trade grew nearly50 percent to $31.7 billion in 2013.

Foreign direct investment shrank in just two sectors ofthe U.S. economy last year. International firms loweredtheir investment holdings in U.S. real estate and leasingto $200 million in 2013. International companiesreduced investment in professional, scientific and tech-nical services by nearly 50 percent between 2012 and2013.

20122013

Retail Trade

Professional, Scientific,& Technical Services

Information

Banking

Wholesale Trade

Finance & Insurance

Manufacturing

Real Estate & Leasing

$93.8 B$95.0 B

$7.0 B

$5.4 B

$21.6 B$31.7 B

$10.1 B

$4.0 B-$0.8 B

$4.4 B

$5.8 B$26.3 B

$4.7 B$24.1 B

$2.4 B$0.2 B

Inward Investment Flows by Industry2012-2013

Data by industry are shown on a directional basis without current-cost adjustment.Source: Bureau of Economic Analysis



Food Realizes Large Growth in FDIUS LastYear

At nearly $95 billion, international investment in manu-facturing provided more than 40 percent of total foreigndirect investment inflows in 2013. Chemicals manufac-turing, dominated by pharmaceuticals and medicines,received $56 billion in foreign investment in 2013, a 22percent increase over 2012.

U.S. food manufacturing was another important sectorfor foreign investors last year, with spending rising to$13.2 billion, nearly quadrupling from $3.5 billion in2012. Foreign investment in U.S. machinery manufactur-ing grew to $12 billion in 2013.

Foreign investment dropped in two key U.S. manufac-turing sectors. In transportation equipment, inwardinvestment flows fell below $1 billion in 2013 comparedto $6.9 billion in 2012. In electrical equipment, appli-ances, and components manufacturing, foreign directinvestment shrank to $6.4 billion in 2013 from $23.1 bil-lion the previous year.

Electrical Equipment,Appliances, & Components

Food

Machinery

Transportation Equipment

Primary & Fabricated Metals

Chemicals

2012

2013

$46.4 B$56.4 B

$6.9 B$0.7 B

$8.5 B

$12.1 B

$6.4 B$23.1 B

-$0.02 B$2.0 B

$3.5 B$13.2 B

Inward Investment Flows by SelectedManufacturing Industries, 2012-2013

Data by industry are shown on a directional basis without current-cost adjustment.Source: Bureau of Economic Analysis

FDIUS Flows2009-2013

2013 2009 2010 2011 2012 2013 2009-2013

Europe $1,933,589 $99,073 $151,055 $128,687 $117,723 $138,393 40%Austria $5,948 (D) $136 $177 $423 $568 n/aBelgium $65,135 $13,262 $5,640 $10,284 $11,813 -$12,811 n/aCyprus $2,406 (D) -$173 (D) (D) (D) n/aDenmark $10,076 $1,171 $1,472 $462 $119 $2,374 103%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/aIreland $26,219 -$1,348 $5,417 -$1,696 -$1,027 $15,351 n/aItaly $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 $12,821 156%Norway $26,075 $577 $885 $7,743 $2,787 $9,256 1504%Russia $6,197 -$746 -$1,905 $693 -$220 $754 n/aSpain $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 $41,909 128%

Asia and Pacific $469,610 $5,482 $26,875 $50,832 $31,922 $53,781 881%Australia $44,742 -$3,850 $4,047 $21,163 -$6,209 -$3,079 n/aChina $8,073 $500 $1,037 $1,105 $3,491 $2,419 384%Hong Kong $5,860 -$10 $271 $236 $1,334 $1,390 n/aIndia $7,118 $490 $1,289 $1,241 $742 -$11 n/aJapan $342,327 $6,544 $15,805 $17,077 $24,830 $44,861 586%

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 $6,632 2710%Taiwan $6,420 -$405 $726 $284 $476 $997 n/a

Canada $237,921 $30,366 $7,357 $18,790 $15,339 $23,336 -223%

Caribbean $73,549 $6,897 $10,599 $13,937 $2,810 $11,187 62%Curacao* $3,168 -- -- $243 $478 -$39 n/aUnited Kingdom Islands, Caribbean $80,106 $2,481 $5,627 $14,859 $5,942 $8,801 255%

South and Central America $26,152 $1,093 $2,824 $7,200 $1,427 $3,041 178%Brazil $1,054 -$1,539 $2,718 $3,681 -$614 -$115 n/aMexico $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 -330%Israel $9,471 $1,166 $273 $6,202 $31 $134 -89%Qatar $2,605 $174 (D) $19 $8 (D) n/aUnited Arab Emirates $1,804 $151 -$1,669 $630 -$117 -$727 n/a

Africa $1,968 -$$672 $1,085 $1,988 $280 $70 n/aSouth Africa $1,052 -$217 $126 $261 $146 $525 n/a

Other AreasBRICS** $23,494 -$1,512 $3,265 $6,981 $3,545 $3,572 n/aEuropean Union (28) $1,685,337 $92,686 $110,758 $102,842 $118,587 $108,134 17%

Appendix A: FDIUS by Selected Countries(millions of dollars)

Cumulative FDIUSThrough 2013

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.Source: Bureau of Economic Analysis

FDIUS Flows2009-2013

2013 2009 2010 2011 2012 2013 2009-2013

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 $13,230 380%Chemicals $280,445 $12,299 $15,273 $42,689 $46,373 $56,367 358%

Basic chemicals $53,961 -$1,193 $10,467 $3,149 $15,741 $12,486 n/aPharmaceuticals & medicines $167,814 $12,868 $419 $36,840 $24,434 $37,384 191%

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 $12,079 124%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/aSemiconductors & 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 $6,410 193%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/aPetroleum & coal products $108,339 $8,068 $25,274 (D) $2,620 (D) n/aNonmetallic 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 $31,733 173%Motor vehicles & motor vehicle parts & supplies $59,731 -$1,955 -$302 $5,395 $2,763 $5,863 n/aElectrical goods $51,539 $430 $461 $6,386 $6,611 $5,417 1160%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/aDrugs & 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/aPublishing 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/aTelecommunications $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 -776%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 -115%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/aReal estate $36,518 $692 $606 $91 $1,012 $147 -79%

Professional, scientific, & technical services $104,233 $2,412 $15,699 $4,951 $10,115 $5,446 126%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/aHolding 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

Appendix B: FDIUS by Selected Industries(millions of dollars)

Cumulative FDIUSThrough 2013

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 trans-portation of of crude oil, refined petroleum products, and natural gas; and petroleum storage for hire.Source: Bureau of Economic Analysis

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Foreign Direct Investment in the United States 2014 Report

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