The UK is the largest foreign investor in the US, supporting nearly one million jobs across the country, according to the CBI’s sixth annual Sterling assets report.
As of 2012, the UK had invested $487 (£289) billion in the US – almost $200bn more than the next largest investor. This represents over 18% of the $2.7 trillion in foreign direct investment held in the US. Of the 943,500 jobs supported by British companies, almost one in four are manufacturing jobs.
In addition, the UK is the fifth-largest destination for US goods and services, and the largest by a wide margin in the European Union, with exports totalling $109bn in 2013.
All fifty states in the US has workers in jobs that are created and sustained by British firms, with New York leading the way in exports to the UK, shipping £5bn worth in 2013.
Simon Moore, CBI International Director, said “The figures in this report show just how close the economic ties between the US and UK are, with both countries benefiting hugely from these links.
“The unique trading relationship between our two countries continues to thrive. With the US economy picking up and TTIP (Transatlantic Trade and Investment Partnership) negotiations progressing well, companies on both sides of the Atlantic recognise the opportunities for good business and are pursuing them with vigour.”
Katja Hall, CBI deputy director general, added: “The United States represents a growing opportunity for British businesses.”