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Greer in middle of upstate counties ranked in Foreign Direct Investment

STAFF REPORTS
Published on Sunday, June 22, 2014

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Mitsubishi Polyester Film has been in Greer 50 years and employs 500 full-time and 100 contract workers. 
 

Jim Fair

Mitsubishi Polyester Film has been in Greer 50 years and employs 500 full-time and 100 contract workers. 

 



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BMW Manufacturing in Greer said its payroll of approximately 6,500 associates – full-time and contractors – will increase by 800 as the plant undergoes a $1 billion expansion.
 

BMW Photo

BMW Manufacturing in Greer said its payroll of approximately 6,500 associates – full-time and contractors – will increase by 800 as the plant undergoes a $1 billion expansion.

 

Greer finds itself in the middle of some lofty rankings being situated in both Greenville and Spartanburg counties.

The Brookings Institution released a first-ever metro-level analysis of foreign direct investment’s role in the Upstate’s regional economy as part of its Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase.

BMW Manufacturing Co. and Mitsubishi Polyester Film, German and Japan owned businesses, respectively, have plants in Greer that are their North America and South America headquarters. 

The report analyzes the types of foreign-owned businesses located in the area, outlines the region’s sources of foreign investment and demonstrates the number of jobs supported locally by foreign direct investment (FDI).

The report finds that among the largest 100 metropolitan areas:

• Greenville ranks 23rd for share of jobs in foreign-owned enterprises (FOEs) at 6.1 percent.

• Spartanburg ranks 3rd for share of jobs in FOEs, at 18.0 percent (behind Columbus Ind., and Kokomo, Ind.)

• Anderson ranks 7th for share of jobs in FOEs, at 13.4 percent

• Greenville ranks 67th for share of jobs in FOEs, at 6.1 percent

“Foreign-owned businesses are an important component of the U.S. economy, supporting millions of jobs across every economic sector throughout the country,” said John Lummus, president/CEO of the Upstate SC Alliance. “This report gives the Upstate region a key resource to demonstrate the impact foreign direct investment has on our regional economy.”

According to the Brookings report, the benefits of FDI extend well beyond the millions of jobs supported. For example, U.S. affiliates of foreign companies pay well above average wages.

 

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