It’s an election year, which means certain topics always come up. One of those is business conducted here by other countries, known as “foreign direct investment” or FDI. Michigan is one of the best states for FDI, so we should ask the question: is FDI a good thing, or not?
Here are Five Fast Facts about FDI in Michigan:
- 🥇 The Big Picture - Many economists would argue that FDI is a great thing. Almost 9 million Americans were employed by foreign companies as of 2021, and their average salary was 7% higher than domestically owned companies. The US is really good at FDI, too - the best in the world as of 2022. Naturally. 😎
- 👍 Topping The List - Michigan was recently ranked the third best state for attracting FDI, and Detroit is the #1 metro area. Or maybe they’re all just Lions fans…?
- 🏢 The Business Case - There’s a lot to love about Michigan when it comes to doing business: high tech engineering, excellent R&D, big time manufacturing, and a low cost of living and doing business. High on the good things, low on the bad…no wonder it’s a popular place!
- 💰 The Extent Of It - There are over 1,400 foreign companies at over 5,000 locations throughout the state. Since 2015, the state has bagged well over $11 billion in FDI across all industries. Hard to argue with that much cheddar…
- ✋ Halt the Hype - But not everyone's doing the happy dance. Some folks aren't thrilled about the foreign entanglements, citing green concerns and, let's be real, trust issues with our pals across the Pacific. And hey, there's this sneaky feeling that while the rich get richer, us regular folks are stuck on the hamster wheel of life.
🔥Bottom line: It’s hard to argue with that many jobs and Paychecks that are better than average. At the same time, we do love to buy American, don’t we? This is a tricky issue, and one that is likely to heat up over the next few months as we get closer to the election.
What do you think about foreign investment in our state?
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