International Companies Created Over Half a Million New Jobs
WASHINGTON, D.C. – Today, the Bureau of Economic Analysis (BEA) released its latest data regarding the economic contributions made by international companies operating in the U.S. Jonathan Samford, the Global Business Alliance’s (GBA) EVP and incoming president & CEO responded with the following:
“International companies play a vital role in boosting America’s workforce and economy. Creating over half a million more jobs than the previous year, these firms now directly employ 8.35 million Americans and pay them more than the national average with an average compensation of $89,000. They are also making things here and employing 2.9 million U.S. manufacturing workers, accounting for 22 percent of the overall industry. Today’s report underscores the serious need for the United States to continue to promote policies that encourage more investments that spur innovation and increase economic competitiveness.”
Key findings from the latest data:
- International companies employed 8.35 million American workers in 2022, a 6.8 percent increase from 2022, adding more than half a million new jobs
- From 2017 to 2022, international companies created 690,000 jobs, rising nine percent, while total U.S. private sector jobs increased five percent
- In 2022, U.S. workers at international companies earned an average compensation of $89,296, seven percent higher than the national average
- International companies supported 2.9 million manufacturing jobs in 2022, accounting for 22 percent of total American manufacturing employment
- International companies spent $80 billion on R&D in 2022, accounting for 12 percent of R&D performed by all U.S. businesses