Bureau of Economic Analysis reports that in 2024, Joe Biden’s last year in the White House, foreign direct investment in American businesses totaled $151.0 billion, a 14.2% decrease from 2023 and below the average for the past decade. Most of the spending went to acquisitions, particularly in manufacturing, finance, and utilities. Ireland and Canada were the top investing countries, with Texas receiving the most state-level investment. Greenfield investments totaled $8.1 billion, focused on professional and technical services. Foreign-owned businesses added 204,200 jobs, with the highest employment gains in Florida. They write:
Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion in 2024, according to preliminary statistics released today by the U.S. Bureau of Economic Analysis. Expenditures decreased $24.9 billion, or 14.2 percent, from $176.0 billion (revised) in 2023 and were below the annual average of $277.2 billion for 2014–2023. As in previous years, acquisitions of existing U.S. businesses accounted for most of the expenditures.
Expenditures in 2024 for acquisitions were $143.0 billion, expenditures to establish new U.S. businesses were $6.3 billion, and expenditures to expand existing foreign-owned businesses were $1.8 billion. Planned total expenditures, which include both first-year and planned future expenditures, were $157.0 billion.
Employment in 2024 at newly acquired, established, or expanded foreign-owned businesses in the United States was 204,200 employees.
Expenditures by industry, country, and state
By industry, expenditures for new direct investment were largest in the manufacturing sector at $67.7 billion, which accounted for 44.9 percent of total expenditures. Within manufacturing, expenditures were largest in chemical manufacturing ($23.7 billion). There were also notable expenditures in the finance and insurance sector ($23.2 billion) and utilities ($16.0 billion).
The country with the largest investment was Ireland ($30.1 billion), followed by Canada ($23.9 billion).1 By region, Europe contributed the most new investment, $96.7 billion, or 64.0 percent of all new investment in 2024. Asia and Pacific was the second-largest investing region, with $23.2 billion in expenditures.
By state, Texas received the most investment in 2024, with $22.8 billion in investment expenditures. Other states with significant investment expenditures included Georgia ($16.3 billion) and California ($12.9 billion).
Greenfield expenditures
Greenfield investment expenditures—expenditures to establish a new U.S. business or to expand an existing foreign-owned U.S. business—were $8.1 billion in 2024. By industry, greenfield expenditures were largest in the professional, scientific, and technical services sector, totaling $2.8 billion, led by management, scientific, and technical consulting ($1.6 billion). By region, Europe ($3.8 billion), Latin America and Other Western Hemisphere ($1.4 billion), and Asia and Pacific ($1.2 billion) had the largest greenfield expenditures. Wyoming ($2.0 billion) and New Mexico ($1.4 billion) received the highest levels of greenfield investment by state.
Planned total expenditures for greenfield investment initiated in 2024, which include both first-year and planned future expenditures, were $14.1 billion.
Employment by industry, country, and state
In 2024, current employment of acquired enterprises was 203,600. Total planned employment, which includes the current employment of acquired enterprises, the planned employment of newly established business enterprises when fully operational, and the planned employment associated with expansions, was 213,200.
By industry, the manufacturing sector accounted for the largest number of current employees (73,600). Ireland (43,100) and Canada (37,500) accounted for the largest number of current employees by country. Florida (32,700) was the state with the largest current employment resulting from new investment, followed by Texas (18,200) and New York (14,200).
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