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Foreign Affiliate Employment in US Rose 0.2% to 8.57M in 2024
Majority-owned US affiliates of foreign firms employed 8.57M workers in 2024, up 0.2%. Value added rose 4.3% to $1.52T. UK, Japan, Germany top investor countries.
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Majority-owned U.S. affiliates of foreign multinationals employed 8.57 million workers in 2024, a 0.2% increase from 8.56 million the year before, the Bureau of Economic Analysis reported Tuesday. The affiliates accounted for 6.1% of total private-industry employment, down from 6.2% in 2023.
Manufacturing and retail trade were the largest employers among affiliates. By ultimate beneficial owner, the biggest contributors came from the United Kingdom, Japan, and Germany.
Current-dollar value added by these affiliates, a measure of their direct contribution to U.S. GDP, rose 4.3% to $1.52 trillion. That represented 6.7% of total U.S. business-sector value added, a slight dip from 6.8% in 2023.