Survey of Current Business
August 2018
Volume 98, Number 8

New Foreign Direct Investment in the United States in 2017

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In 2017, expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $259.6 billion, a decrease of 32 percent from 2016, based on the Bureau of Economic Analysis (BEA) Annual Survey of New Foreign Direct Investment in the United States (table A and chart 1). Expenditures for acquisitions were $253.2 billion, expenditures to establish new U.S. businesses were $4.1 billion, and expenditures to expand existing foreign-owned businesses were $2.4 billion. New foreign direct investment peaked in 2015 and was also historically high in 2016 due to corporate inversion activity and several large transactions by foreign investors to acquire U.S. businesses.1 The decrease in 2017 reflected a decrease in global mergers and acquisition activity, which was particularly sharp for target companies in North America.2

Chart 1. New Foreign Direct Investment Expenditures by Type, 1995–2017. Bar Chart.

[Click chart to expand]

The uncertainty related to the reform of U.S. tax laws, which was enacted at the end of 2017, may have led some potential foreign direct investors to hesitate, particularly for investments for which tax considerations were a key factor.

Most measures of the activities of new enterprises—assets, net income, and sales—decreased along with the decrease in total expenditures. In contrast, employment increased 8 percent, reflecting some large acquisitions in labor-intensive industries in 2017.

Table A. Selected Statistics for New Investment by Foreign Direct Investors, By Type of Investment, 2014–2017
  Total number of investments Expenditures (millions of dollars) Employment (thousands) Sales5 Net income6 Assets7 Liabilities7 Owner's equity7
First-year1 Total first-year and planned2 Current3 Total first-year and planned4 Millions of dollars
2014                    
Total 3,018 260,487 294,268 778.2 812.6 208,268 4,942 292,567 181,175 111,392
U.S. businesses acquired 1,361 242,580 242,580 761.7 761.7 186,066 4,698 248,206 159,939 88,267
Greenfield investment 1,657 17,907 51,688 16.6 51.0 22,202 244 44,361 21,236 23,125
U.S. businesses established 1,389 14,183 40,559 9.4 23.9 8,034 244 44,361 21,236 23,125
U.S. businesses expanded8 268 3,724 11,129 7.2 27.1 14,168 n.a. n.a. n.a. n.a.
2015                    
Total 2,846 439,563 460,569 483.8 504.9 140,380 8,642 380,538 234,863 145,675
U.S. businesses acquired 1,180 425,788 425,788 476.1 476.1 124,465 8,291 357,650 225,615 132,034
Greenfield investment 1,666 13,776 34,782 7.6 28.8 15,914 351 22,888 9,248 13,641
U.S. businesses established 1,356 10,739 24,731 2.4 13.5 6,845 351 22,888 9,248 13,641
U.S. businesses expanded8 310 3,037 10,051 5.2 15.3 9,069 n.a. n.a. n.a. n.a.
2016                    
Total 2,642 379,728 394,964 511.3 532.5 184,597 7,921 395,642 253,058 142,583
U.S. businesses acquired 1,095 370,317 370,317 505.7 505.7 169,352 7,338 380,674 247,073 133,602
Greenfield investment 1,547 9,411 24,646 5.7 26.8 15,245 583 14,968 5,986 8,982
U.S. businesses established 1,210 6,504 15,468 1.4 11.4 5,825 583 14,968 5,986 8,982
U.S. businesses expanded8 337 2,907 9,178 4.3 15.4 9,420 n.a. n.a. n.a. n.a.
2017                    
Total 2,152 259,607 278,018 554.3 577.2 136,923 7,041 261,223 161,654 99,570
U.S. businesses acquired 864 253,171 253,171 549.7 549.7 125,598 6,932 247,310 159,362 87,948
Greenfield investment 1,288 6,436 24,847 4.7 27.5 11,325 109 13,913 2,291 11,622
U.S. businesses established 1,093 4,075 18,013 1.8 13.7 2,134 109 13,913 2,291 11,622
U.S. businesses expanded8 195 2,361 6,834 2.9 13.8 9,191 n.a. n.a. n.a. n.a.
n.a.
Not available

Expenditures by industry, by country, and by state

Expenditures by industry. Manufacturing continued to account for the largest share of total expenditures among major industries, 39.9 percent or $103.7 billion (table 1). Within manufacturing, about two-thirds of first-year expenditures were in food manufacturing ($34.0 billion), chemicals ($23.4 billion), and computers and electronic products ($12.9 billion). In chemicals, more than half the expenditures were in pharmaceuticals. In computers and electronic products, more than half the expenditures were in semiconductors and other components. Outside of manufacturing, there were substantial expenditures in information ($25.7 billion) and real estate and rental and leasing ($17.0 billion).

Expenditures by country. By country of ultimate beneficial owner (UBO), a small number of countries continued to account for most of the investment. The top three investing countries—Canada, the United Kingdom, and Japan—accounted for more than one-half of total expenditures (table 2). The main source country was Canada, with expenditures of $66.2 billion (table 2). The United Kingdom ($40.9 billion), Japan ($34.0 billion), and France ($23.1 billion) also made substantial expenditures. Seven of the top ten investing countries in 2016 were also in the top ten for 2017.

By region, almost one-half of the new investment in 2017 was from Europe and a little more than one-quarter of the new investment was from the Asia and Pacific region. Most of the expenditures from those regions were in manufacturing.

Expenditures by state. The largest expenditures continued to be for U.S. businesses in California ($41.6 billion) (table 3), followed by Texas ($39.7 billion) and Illinois ($26.0 billion).3

To avoid disclosure of the data on individual companies, the statistics on 2017 expenditures for 14 states or territories were suppressed. Combined expenditures for these states and territories accounted for 3.2 percent of expenditures.

Greenfield expenditures

A greenfield investment can either be an establishment of a new facility or an expansion of an existing facility; it typically involves expenditures over several years. For example, an affiliate may undertake a 4-year investment to construct a new factory with expenditures of $0.5 billion in the first year for land and permits and plan expenditures of $1.0 billion for construction costs in each of the following three years, resulting in total current and planned expenditures of $3.5 billion over the lifetime of the project. BEA’s survey of new foreign direct investment collects data on both the initial expenditure ($0.5 billion in this example) and the total planned expenditure ($3.5 billion in this example).

By U.S. industry, first-year greenfield expenditures in 2017 were largest in manufacturing ($1.6 billion), accounting for 21 percent of total greenfield expenditures. Total first-year and planned greenfield expenditures initiated in 2017 were also largest in manufacturing ($16.0 billion).

Table B. Planned Total Expenditures for Establishments and Expansions Initiated in 2016 and 2017,1 by Type of Expenditure
[Millions of dollars]
  Total2 Greenfield investment
U.S. businesses established U.S. businesses expanded
(1) (2) (3)
       
2016      
       
Total 24,646 15,468 9,178
       
Fees, taxes, permits, licenses 1,069 947 122
Intellectual property rights 58 55 4
Land 1,824 1,470 354
Plant and equipment 16,040 8,110 7,930
Other 5,656 4,887 769
       
2017      
       
Total 24,847 18,013 6,834
       
Fees, taxes, permits, licenses 438 171 267
Intellectual property rights 190 48 142
Land 1,556 1,239 316
Plant and equipment 18,958 13,352 5,606
Other 3,706 3,202 504

Number of investments

In 2017, there were 2,152 new foreign direct investments in the United States, down from 2,642 in 2016 (table C). There were nine very large investments—investments with total planned expenditures greater than $5.0 billion—in 2017, down from 18 in 2016. In 2017, these very large investments accounted for 37 percent of total planned expenditures and mostly reflected acquisitions of existing U.S. businesses.

Transactions to establish a new U.S. business accounted for the largest number (1,093) and share (50.8 percent) of all transactions in 2017. Acquisitions of existing U.S. businesses accounted for 864 transactions, and expansions accounted for 195 transactions. The average expenditure per transaction for acquisitions was $293.0 million; for expansions, $35.0 million; and for establishments, $16.5 million.

Table C. Number of Investments Initiated in 2016 and 2017, Distribution of Planned Total Expenditures,1 Size by Type of Investment
  Total By type of investment
U.S. businesses acquired Greenfield investment
U.S. businesses established U.S. businesses expanded
         
2016        
         
Total 2,642 1,095 1,210 337
         
Less than $50 million 2,265 801 1,162 302
$50 million–$100 million 118 91 17 10
$100 million–$1 billion 210 158 28 24
$1 billion–$2 billion 17 14 2 1
$2 billion–$5 billion 14 13 1 0
$5 billion or more 18 18 0 0
         
2017        
         
Total 2,152 864 1,093 195
         
Less than $50 million 1,763 537 1,059 167
$50 million–$100 million 125 105 13 7
$100 million–$1 billion 220 179 20 21
$1 billion–$2 billion 14 14 0 0
$2 billion–$5 billion 21 21 0 0
$5 billion or more 9 8 1 0

Employment

Despite the decrease in expenditures for new foreign direct investment in 2017, newly acquired, established, or expanded foreign-owned businesses in the United States employed more workers than they did in 2016. First-year (current) employment by new foreign direct investments was 554,300 workers, up from 511,300 in 2016.4 Employment of acquired enterprises (549,700) accounted for the bulk of new employment in 2017.

Among major industries, accommodation and food services accounted for most of the current employment (255,100), followed by manufacturing (109,000). By country of UBO, China accounted for most of the current employment, followed by the Netherlands. By U.S. state, new investment in U.S. businesses with a headquarters in Virginia accounted for most of the current employment, followed by Missouri (chart 3).

Statistics on other activities

Most measures of other activities of newly acquired, established, or expanded enterprises in 2017 decreased along with the expenditures for new foreign direct investment. Total sales of newly acquired, established, or expanded affiliates were $136.9 billion in 2017, down 25.8 percent from $184.6 billion in 2016 (table A).

Net income of newly acquired or established affiliates was $7.0 billion in 2017, down 11.1 percent from $7.9 billion in 2016. In 2017, net income of newly acquired or established affiliates was 5.1 percent of sales, compared with 4.3 percent of sales in 2016. The equivalent ratio for all U.S. affiliates of foreign multinational enterprises in the United States in 2015 (the most recent year for which these data are available) was 2.1 percent.5 Most of this difference reflects differences in the industry mix of new affiliates compared with all affiliates.

Assets, liabilities, and owner’s equity for newly acquired and established affiliates also decreased. Assets were $261.2 billion in 2017, down 34.0 percent from $395.6 billion in 2016; liabilities were $161.7 billion in 2017, down 36.1 percent from $253.1 billion in 2016; and owner’s equity was $99.6 billion in 2017, down 30.2 percent from $142.6 billion in 2016.

Updates on projected versus actual expenditures

Actual expenditures can differ substantially from projected expenditures for multiyear greenfield investments for reasons such as changes in current or expected business conditions or expenses. To more comprehensively measure new foreign direct investment in the United States, BEA has conducted follow-up surveys of investments initiated in 2014 and 2015.

For investments initiated in 2014, total planned expenditures reported when projects were initiated were $51.7 billion (table D). Since then, these companies have reported that their actual expenditures for completed years and updated projections for future years will total $65.6 billion by the time the investments are completed. By industry, the largest difference between their initial plans and most recent plans was in mining. For investments initiated in 2015, initial planned expenditures were $34.8 billion, and the most recent planned expenditures were $42.1 billion. By industry, the largest difference between the initial and the most recent planned expenditures was in manufacturing.

Table D. Actual and Planned Expenditures for Greenfield Investments Initiated in 2014 and 2015
[Millions of dollars]
  Investments initiated in 2014 Investments initiated in 2015
Initial planned expenditures Most recent planned expenditures Initial planned expenditures Most recent planned expenditures
2014 17,907 18,977 n.a. n.a.
2015 10,982 11,249 13,776 13,943
2016 7,807 9,640 8,516 10,646
2017 forward 14,992 25,741 5,866 7,667
2018 forward n.a. n.a. 6,624 9,854
All years 51,688 65,608 34,782 42,111
n.a.
Not available

These statistics are based on data reported in the Survey of New Foreign Direct Investment in the United States (BE–13) conducted by the Bureau of Economic Analysis (BEA). The survey covers U.S. business enterprises that were acquired, established, or expanded by foreign direct investors. Information on the filing requirements for the survey may be found on BEA’s website.

A U.S. business enterprise is categorized as “acquired” if a foreign entity acquires a 10 percent or more voting interest in an incorporated U.S. business enterprise or an equivalent interest of an unincorporated U.S. business enterprise, either directly or indirectly through an existing U.S. affiliate. A U.S. affiliate is a foreign-owned U.S. business enterprise. A U.S. business enterprise is categorized as “established” if a foreign entity, or an existing U.S. affiliate of a foreign entity, establishes a new legal entity in the United States in which the foreign entity owns 10 percent or more of the new business enterprise’s voting interest or an equivalent interest if unincorporated. An existing U.S. affiliate is categorized as “expanded” if it expands its operations to include a new facility where business is conducted.

The statistics of new foreign direct investment include transactions resulting from corporate inversions. A corporate inversion occurs when a domestic corporation that is currently the ultimate owner of its worldwide operations takes steps to become a subsidiary of a foreign corporation. A U.S. corporation can initiate an inversion either by creating a foreign corporation to be its new parent or by merging with an existing foreign corporation and ceding control. BEA’s direct investment surveys do not collect information on whether a U.S. corporation became foreign-owned as a result of a corporate inversion; hence, these transactions cannot be separately identified in the statistics based on the survey data alone. Using publicly available information, such as commercial databases, press releases, and media reports, BEA estimates that newly inverted U.S. corporations accounted for a smaller share of expenditures for acquisitions in 2016 than in 2015, and a much smaller share in 2017.

For an explanation of the relationship between the new investment statistics and other statistics on foreign direct investment in the United States, see Thomas Anderson, “New Foreign Direct Investment in the United States in 2015,” Survey of Current Business 96 (August 2016).

 

 


  1. For more on corporate inversions, see the Technical Note in this article.
  2. According to MergerMarket, a private sector merger and acquisition information provider, the global value of mergers and acquisition deals decreased 3 percent in 2017. Among major geographic regions, the decrease for inbound investments was largest in North America (24 percent).
  3. For enterprises that operate in more than one state, expenditures are classified in the state with the largest number of employees.
  4. Statistics on employment at expanded business only include employment at the expanded portion of the business.
  5. The most recent year for which data on the activities of U.S. affiliates of multinational companies is available is 2015. See Sarah Stutzman, “Activities of U.S. Affiliates of Foreign Multinational Enterprises in 2015,” Survey of Current Business 97 (August 2017).

 

Table 1. First-Year Expenditures and Current Employment of Investments Initiated in 2016 and 2017, Industry by Type of Investment
  First-year expenditures (millions of dollars)1 Current employment (thousands of employees)
2016 2017 2016 2017
Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield
(1) (2) (3) (4) (5) (6) (7) (8)
All industries 379,728 9,411 259,607 6,436 511.3 5.7 554.3 4.7
                 
Manufacturing 128,486 1,796 103,669 1,568 170.1 3.8 109.0 3.8
                 
Food 2,780 113 34,011 147 6.7 0.1 25.9 0.1
Beverages and tobacco products 660 85 (D) 6 1.9 (*) 0.6 (*)
Paper 1,175 212 (D) (D) 1.9 A J 0.1
Petroleum and coal products 0 0 (D) (D) 0.0 0.0 0.3 0.1
                 
Chemicals 64,633 295 23,404 244 42.5 1.0 11.3 1.3
Basic chemicals 279 (D) (D) (D) 0.3 (*) H (*)
Pharmaceuticals and medicines (D) 184 15,832 101 J 1.0 4.8 1.3
Other (D) (D) (D) (D) J 0.1 H (*)
                 
Plastics and rubber products 837 (D) 2,278 (D) 5.6 A 5.3 0.1
Nonmetallic mineral products 142 142 3,378 47 0.1 0.1 6.3 0.1
Primary and fabricated metals 2,087 57 2,226 77 9.3 0.2 3.9 0.1
Primary metals 278 (D) 484 (D) 1.5 0.2 G 0.0
Fabricated metal products 1,809 (D) 1,742 (D) 7.9 (*) H 0.1
                 
Machinery 16,898 44 5,273 32 39.3 0.3 5.7 (*)
                 
Computers and electronic products 3,958 46 12,937 (D) 5.4 0.0 11.1 A
Semiconductors and other electronic components 3,628 (D) 10,756 (D) 4.8 0.0 8.2 A
Navigational, measuring, and other instruments 136 3 (D) (D) 0.4 0.0 A 0.0
Other 195 (D) (D) (D) 0.1 0.0 G 0.0
                 
Electrical equipment, appliances, and components (D) 30 3,474 (D) K (*) 4.4 0.1
Transportation equipment 2,617 568 10,576 324 8.5 0.9 17.7 1.1
Motor vehicles, bodies and trailers, and parts 2,420 530 (D) (D) 7.7 0.9 J G
Other 197 38 (D) (D) 0.8 (*) G A
Other (D) (D) 3,303 189 J F I F
                 
Wholesale trade 13,745 175 6,550 286 15.5 (*) 5.8 0.4
Motor vehicles and motor vehicle parts and supplies 67 (D) 140 (D) 0.3 0.0 0.2 0.1
Electrical goods 200 5 1,534 (D) 0.3 0.0 1.8 0.1
Petroleum and petroleum products (D) 6 (D) 1 (*) (*) 0.1 0.0
Other (D) (D) (D) (D) 14.9 (*) 3.7 0.2
                 
Retail trade 9,619 27 10,475 125 53.3 0.3 27.4 A
Food and beverage stores (D) 3 (D) (D) J 0.0 H 0.0
Other (D) 24 (D) (D) K 0.3 J A
                 
Information 44,061 213 25,668 362 59.9 (*) 33.0 0.1
Publishing industries 5,981 34 (D) (D) 4.4 (*) 23.4 0.1
Telecommunications 1,240 9 6,024 (D) 1.6 0.0 5.8 (*)
Other 36,840 170 (D) (D) 53.9 (*) 3.8 (*)
                 
Finance and insurance 48,459 1,387 15,511 627 34.3 0.2 8.3 0.1
Depository credit intermediation (banking) 164 (D) (D) 36 0.2 (*) G 0.1
Finance, except depository institutions 2,978 (D) (D) (D) 2.0 0.2 6.2 (*)
Insurance carriers and related activities 45,317 26 259 29 32.1 (*) F (*)
                 
Real estate and rental and leasing 9,746 1,853 17,045 816 0.7 A 0.8 (*)
Real estate 9,536 (D) 8,760 796 0.6 A 0.5 (*)
Rental and leasing (except real estate) 210 (D) 8,285 19 0.1 0.0 0.2 0.0
                 
Professional, scientific, and technical services 60,694 273 14,260 242 41.0 0.2 20.1 0.1
Architectural, engineering, and related services (D) (D) 314 8 15.6 (*) 1.0 (*)
Computer systems design and related services 8,050 69 2,693 67 5.5 0.1 4.4 (*)
Management, scientific, and technical consulting (D) (D) 1,469 25 8.9 (*) 2.1 (*)
Other 6,192 174 9,783 142 11.0 0.1 12.6 (*)
                 
Other industries 64,919 3,686 66,430 2,410 136.5 F 349.9 A
Mining 425 (D) 1,574 (D) 0.7 0.1 2.7 (*)
Utilities 26,804 1,446 11,115 757 5.8 (*) 2.0 0.0
Construction 1,101 260 1,014 136 7.9 0.0 1.4 (*)
Transportation and warehousing 13,720 166 (D) 44 16.3 0.3 6.6 (*)
Administration, support, and waste management 11,272 75 7,147 46 31.4 0.1 55.5 (*)
Health care and social assistance 635 178 782 216 1.0 (*) H (*)
Accommodation and food services 8,663 191 11,000 24 67.2 A 255.1 0.0
Other 2,298 (D) (D) (D) 6.2 A J A
(*)
A nonzero value that rounds to zero.
D
Suppressed to avoid disclosure of data on individual companies.

Note. Size ranges are given in employment cells that are suppressed. The size ranges are: A–1 to 499; F–500 to 999; G–1,000 to 2,499; H–2,500 to 4,999; I–5,000 to 9,999; J–10,000 to 24,999; K–25,000 to 49,999; L–50,000 to 99,999; M–100,000 or more.

 

Table 2. First-Year Expenditures and Current Employment of Investments Initiated in 2016 and 2017, Country of Ultimate Beneficial Owner by Type of Investment1
  First-year expenditures (millions of dollars)2 Current employment (thousands of employees)
2016 2017 2016 2017
Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield
(1) (2) (3) (4) (5) (6) (7) (8)
                 
All countries 379,728 9,411 259,607 6,436 511.3 5.7 554.3 4.7
                 
Canada 59,083 1,800 66,248 510 107.5 0.9 39.4 0.4
                 
Europe 189,268 4,038 106,201 2,564 189.3 3.4 241.0 2.5
Belgium (D) (D) 1,683 13 0.3 0.0 I 0.0
Denmark 542 117 74 51 0.4 (*) F (*)
Finland 173 (D) (D) 4 0.4 0.2 0.7 0.0
France 20,304 408 23,068 413 27.8 (*) 47.7 0.2
                 
Germany 10,538 897 11,458 517 10.7 0.5 13.7 1.1
Ireland 35,763 225 7,461 59 32.8 0.9 9.3 0.3
Italy 1,942 1,058 754 102 5.8 A 1.5 (*)
Netherlands 23,756 19 5,288 87 27.8 0.2 L (*)
                 
Spain 57 38 (D) 104 0.1 (*) 1.1 0.4
Sweden 1,579 8 2,977 17 3.2 (*) 2.9 0.1
Switzerland 35,327 109 5,365 504 14.3 0.1 14.4 (*)
United Kingdom 54,243 274 40,904 246 56.0 0.3 42.1 0.2
Other (D) (D) 3,636 448 9.7 F 45.3 0.3
                 
Latin America and Other Western Hemisphere 29,497 346 6,749 325 55.3 0.1 14.6 0.1
                 
South and Central America (D) (D) 744 (D) H (*) H (*)
Brazil (D) (D) (D) (D) 0.5 (*) (*) (*)
Mexico (D) (D) (D) (D) (*) (*) H 0.0
Venezuela (D) (D) (*) (*) 0.0 0.0 0.0 0.0
Other (D) (D) (D) (D) H 0.0 0.1 0.0
                 
Other Western Hemisphere (D) (D) 6,004 (D) L 0.1 J 0.1
Bermuda (D) (D) (D) (D) 5.9 0.1 G 0.0
United Kingdom Islands, Caribbean3 3,804 235 2,854 (D) 22.7 (*) 7.4 0.1
Other (D) (D) (D) (D) J (*) G 0.0
                 
Africa 52 10 (D) 31 0.4 0.0 G 0.0
South Africa 23 (D) (D) (D) 0.3 0.0 G 0.0
Other 28 (D) (D) (D) 0.1 0.0 (*) 0.0
                 
Middle East 2,978 (D) 1,748 581 2.0 0.1 0.2 (*)
Israel 1,223 29 121 34 1.8 (*) 0.1 (*)
Saudi Arabia 143 (D) 43 2 0.2 0.1 0.1 0.0
United Arab Emirates 36 (D) 541 541 (*) 0.0 0.0 0.0
Other 1,577 (D) 1,043 4 (*) (*) 0.0 0.0
                 
Asia and Pacific 88,218 2,783 70,842 1,729 148.4 1.1 242.9 1.5
Australia (D) 39 3,932 (D) 2.6 (*) I (*)
China 27,430 934 13,973 257 49.7 0.2 M 0.1
Hong Kong (D) (D) (D) (D) 0.3 0.2 A 0.1
India 1,265 37 (D) (D) 3.9 0.2 G 0.1
Japan 18,990 1,438 34,036 1,038 25.1 0.4 26.7 0.4
Korea, Republic of (D) (D) (D) (D) 0.7 (*) H 0.4
Singapore (D) 15 9,556 12 I (*) 12.8 (*)
Taiwan (D) (D) 5 3 0.8 (*) A (*)
Other (D) (D) 147 (D) L 0.0 A 0.4
                 
United States4 10,633 (D) (D) (D) 8.4 0.0 J 0.1
(*)
A nonzero value that rounds to zero.
D
Suppressed to avoid disclosure of data on individual companies.

Note. Size ranges are given in employment cells that are suppressed. The size ranges are: A–1 to 499; F–500 to 999; G–1,000 to 2,499; H–2,500 to 4,999; I–5,000 to 9,999; J–10,000 to 24,999; K–25,000 to 49,999; L–50,000 to 99,999; M–100,000 or more.

 

Table 3. First-Year Expenditures and Current Employment of Investments Initiated in 2016 and 2017, State by Type of Investment1
  First-year expenditures (millions of dollars)2 Current employment (thousands of employees)
2016 2017 2016 2017
Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield Total Of which: Greenfield
(1) (2) (3) (4) (5) (6) (7) (8)
                 
Total 379,728 9,411 259,607 6,436 511.3 5.7 554.3 4.7
                 
New England:                
Connecticut 4,381 0 13,531 402 I 0.0 10.0 0.1
Maine (D) 0 116 0 0.8 0.0 0.6 0.0
Massachusetts 10,182 48 14,338 18 7.2 0.3 8.9 (*)
New Hampshire 196 0 111 0 1.0 0.0 0.3 0.0
Rhode Island (D) 0 (D) 4 J 0.0 0.1 0.0
Vermont (D) 0 190 (D) 0.2 0.0 0.2 (*)
                 
Mideast:                
Delaware 629 399 2,887 1,197 0.1 (*) I (*)
District of Columbia 638 0 629 2 0.0 0.0 0.1 0.0
Maryland 868 52 6,893 (D) 1.2 0.0 0.7 0.0
New Jersey (D) (D) 5,598 47 13.0 0.6 3.2 0.1
New York 31,321 1,352 11,737 597 38.2 0.2 4.3 0.1
Pennsylvania 28,758 49 4,618 (D) 32.3 0.3 7.3 (*)
                 
Great Lakes:                
Illinois 42,771 508 25,990 13 30.1 0.1 17.5 0.8
Indiana 4,929 41 2,057 21 5.6 0.1 2.9 0.0
Michigan 13,312 (D) 3,015 234 9.6 0.1 7.7 1.0
Ohio 1,160 (D) 3,953 36 2.8 0.4 5.1 0.2
Wisconsin (D) (D) 5,234 (D) J (*) 4.6 0.1
                 
Plains:                
Iowa (D) 0 247 (D) 0.2 0.0 (*) 0.0
Kansas 1,577 (D) (D) 1 I (*) 0.9 0.1
Minnesota 3,939 (D) 5,733 (D) 5.3 0.1 6.4 0.0
Missouri 3,411 113 14,565 (D) 15.9 (*) 63.0 (*)
Nebraska (D) 0 134 (D) 0.1 0.0 0.5 (*)
North Dakota 3 (*) 0 0 (*) (*) 0.0 0.0
South Dakota 0 0 0 0 0.0 0.0 0.0 0.0
                 
Southeast:                
Alabama 197 (D) 885 121 0.4 (*) 1.2 A
Arkansas (D) 0 (D) 3 0.1 0.0 0.2 0.2
Florida 10,623 (D) 6,903 52 66.2 (*) 55.5 0.2
Georgia 4,653 37 4,552 209 16.7 0.3 13.4 0.3
Kentucky (D) (D) (D) 2 17.8 F 0.2 A
Louisiana (D) (D) (D) 0 G 0.0 G 0.0
Mississippi 38 38 74 (D) (*) (*) 0.1 0.1
North Carolina 7,457 73 1,945 147 11.5 0.2 K 0.7
South Carolina 647 443 763 (D) 0.7 0.4 1.0 0.1
Tennessee 2,245 86 1,539 183 25.9 0.1 2.2 0.1
Virginia 715 35 7,980 (D) 0.8 (*) M (*)
West Virginia (D) (D) 22 (D) G (*) (*) (*)
                 
Southwest:                
Arizona 1,339 100 283 (D) 1.9 (*) 0.1 0.1
New Mexico 160 (D) (D) (D) 0.1 (*) (*) 0.0
Oklahoma 1,716 306 (D) (D) 2.0 A (*) 0.0
Texas 30,520 937 39,666 310 58.5 0.6 28.9 0.1
                 
Rocky Mountains:                
Colorado (D) (D) 17,685 47 11.9 (*) 10.5 0.1
Idaho (D) 0 35 (D) 0.2 0.0 (*) 0.0
Montana (D) 0 (D) 0 (*) 0.0 G 0.0
Utah 1,340 (*) 4,212 0 J (*) 4.1 0.0
Wyoming 0 0 (D) 0 0.0 0.0 0.0 0.0
                 
Far West:                
Alaska (D) 0 0 0 G 0.0 (*) (*)
California 62,613 1,389 41,637 342 57.6 0.9 55.7 0.3
Hawaii 624 497 (D) 0 0.5 (*) G 0.0
Nevada 308 0 324 0 0.1 0.0 0.4 0.0
Oregon (D) 0 (D) 0 H 0.1 I 0.0
Washington 5,353 (D) 1,310 (D) 2.9 0.0 3.3 (*)
                 
Puerto Rico 15 (D) (D) 0 0.1 (*) 0.7 0.0
                 
Other U.S. areas3 (D) (D) (D) 0 0.1 0.1 (*) 0.0
                 
Unspecified4 1,777 1,399 (D) (D) 1.7 0.0 G 0.0
(*)
A nonzero value that rounds to zero.
D
Suppressed to avoid disclosure of data on individual companies.

Note. Size ranges are given in employment cells that are suppressed. The size ranges are: A–1 to 499; F–500 to 999; G–1,000 to 2,499; H–2,500 to 4,999; I–5,000 to 9,999; J–10,000 to 24,999; K–25,000 to 49,999; L–50,000 to 99,999; M–100,000 or more.