Foreign Investment Responsible for 50,000 Jobs in RegionMonday, June 23, 2014
Nearly 50,000 San Diego jobs were directly connected to foreign investment in 2011, or nearly double the number of jobs connected to foreign investment 20 years ago, according to a report from the Bookings Institution.
The Washington, D.C., think tank is working with JPMorgan Chase & Co. and various teams within the city including the San Diego Regional Economic Development Corp. to develop strategies for retaining and attracting foreign investment and expanding the region’s exporting capacity.
The latest report found the region can trace 48,370 jobs supported by foreign direct investment in 2011, ranking it 24th among the largest metropolitan areas in the nation. That number increased 90 percent from 1991 when San Diego ranked 31st on a list of major cities with 25,600 jobs at foreign-owned companies here, the Brookings report said.
The local establishments with the largest concentration of jobs were in in the industry segments of precision instruments, grocery stores and semiconductors. The companies generating the jobs tend to be more in goods-producing as opposed to services as they were earlier, the report said.
To view the report, go to the SDREDC’s website at: www.sandiegobusiness.org.