Canada cuts into US's FDI market share
North America overall saw an FDI increase in 2018, while the US loses some market share to its northern neighbour, reports fDi Intelligence.
FDI into North America increased by 14% in 2018, with total capital investment of $113.6bn, as per The fDi Report 2019 from fDi Intelligence. Projects numbers remained stable at 1896 FDI projects.
The US remained the top destination in the region, attracting 83% of the continent’s FDI projects and 59% of capital invested. However, this is a decrease on 2017’s market share of 87%. California and New York remained the top two destination states in 2018 for FDI project numbers. Together, the two destinations accounted for 21% of FDI project numbers in North America during 2018. Capital investment into Louisiana increased dramatically in 2018, attracting $11.1bn-worth of investment. This is largely due to the announcement of Formosa Petrochemical’s $9.4bn chemical manufacturing complex in St James Parish.
The number of FDI projects into Canada increased from 259 in 2017 to 315 in 2018. Total capital investment into the country also increased by 256%. Owing to a $29bn liquefied natural gas export facility near Kitimat by Shell and partners, British Columbia attracted $32bn-worth of FDI in 2018, a huge increase from the $1.3bn recorded in 2017. The Canadian province was the top location in North America by capital investment. Ontario remained the top Canadian province for FDI in 2018, with a 7% market share of North American FDI projects. The province attracted 20% more projects in 2018 than it did in 2017, with 138 recorded projects.
Capital investment from North American companies investing overseas increased by 33%, up from $124bn in 2017 to $164.9bn, in 2018. Both the US and Canada experienced rises in outward capital investment, by 30% and 61%, respectively. The top three states for outward capital investment were California, Texas and New York, which invested $45.8bn, $16.6bn and $11.5bn, respectively. In terms of FDI projects, California and New York were the two largest North American investors, with a combined market share of 42%. Ontario was the sole Canadian representation in the top 10 table for outward FDI, accounting for 5% of North American outward capital investment.
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