Foreign run companies employ at least 193,000 in NYC: study
Written on June 28, 2008
At least 193,000 employees in New York City work for a foreign-run company, but rising protectionism and the sinking dollar could jeopardize future investments by employers, according to a study.
Although New York City’s global ties are “part of its DNA,” the study warned that the city is losing the competition for global influence to other money centers.
Tokyo, which is home to 50 of Fortune Magazine’s Global 500 companies, ranked first in global influence among cities, according to the report commissioned by the Partnership for New York City, a pro-business group.
Paris ranked second with 26 corporate headquarters. New York City tied for third with London, with 22 corporate headquarters each, and Beijing was fourth with 18.
Around the U.S., nearly half of the foreign employers plan to cut their stakes or shun new investments because they say they see better opportunities in other countries, according to the study authored by London-based consultants DTZ.
The study also cited A.T 24 hour payday advances. Kearney’s Foreign Direct Investment Confidence Index as finding that global investors see risks in the United States, including looming protectionism and noted that “nearly 50 percent of investors who planned to decrease or hold constant their level of U.S. investment were driven by better overseas investment options, concerns over a major dollar devaluation and a slowing of the U.S. economy.”
In 2006, foreign direct investment in New York City totaled $58 billion, about 10 percent of economic output.
London had nearly double the amount of investment: $104 billion or 25 percent of economic output.
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