In a significant development, the U.S. Department of Commerce proudly announced a remarkable milestone, surpassing $200 billion in client-verified foreign direct investment (FDI). This achievement, facilitated by the SelectUSA program within the International Trade Administration, signifies a substantial contribution to the U.S. economy, supporting over 200,000 jobs across the nation and its territories since the program's inception in 2011.
This milestone underscores the success of the Biden-Harris Administration's Investing in America agenda, fueled by transformative legislation like the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act. These initiatives have played a pivotal role in creating U.S. jobs through FDI in critical sectors and establishing an attractive environment for international businesses to invest throughout the United States.
U.S. Secretary of Commerce, Gina Raimondo, expressed the significance of SelectUSA as an indispensable tool, attracting FDI and contributing to job creation nationwide. She highlighted the groundbreaking year for the SelectUSA program in 2023, driven by President Biden's commitment to investing in critical industries such as semiconductors and clean energy.
The SelectUSA program had a robust year, facilitating over $55 billion in client-verified FDI in fiscal year 2023, supporting more than 35,000 American jobs. This figure represents over a quarter of the total announced FDI facilitated by SelectUSA since its inception, with investments spanning critical industries, from rare earths facilities in Texas to lithium-ion batteries manufacturing in Kansas and pharmaceutical manufacturing in Puerto Rico.
For 11 consecutive years, the United States has maintained its status as the world's top destination for FDI, a testament to the continued strength of the U.S. economy. According to the Bureau of Economic Analysis (BEA), FDI is responsible for over 15 million total direct and indirect jobs across the United States.
The SelectUSA program, operating within the International Trade Administration, serves as a crucial facilitator of business investment into the United States. By coordinating federal government agencies and providing a single point of contact for investors, SelectUSA plays a pivotal role in promoting and facilitating economic development. The program assists U.S. economic development organizations in competing globally for investment by providing information, international marketing platforms, and high-level advocacy. Additionally, SelectUSA supports business investors in obtaining the necessary information, connecting with relevant local contacts, navigating the federal regulatory system, and finding solutions to issues related to the federal government.
