|Release 2014 Insourcing Survey findings at local event, highlighting state’s efforts to create jobs
|PLYMOUTH TOWNSHIP, MI - The Organization for International Investment (OFII) and PwC US today released their 2014 Insourcing Survey, which provides keen insights from 101 U.S. Chief Financial Officers (CFOs) of insourcing companies, foreign firms that create jobs in the United States. Governor Rick Snyder (R-MI) was recognized by OFII for his work in attracting more global investment to Michigan.|
“CFOs are uniquely positioned within companies to offer insights regarding future investment and expansion decisions,” said Nancy McLernon, president and CEO of OFII. “The findings in this year’s Insourcing Survey indicate that the U.S. business climate for foreign investment has improved drastically. Governor Rick Snyder has prioritized job creation and actively pursued global investment. He eliminated the job-killing Michigan Business Tax, and he is investing in Michigan’s talented workers. Under his leadership, Michigan added twice as many insourcing jobs in 2011 compared to any other state, some 32,000 new jobs.”
While speaking to a crowd of more than 100 employees at a Bosch facility in Plymouth Township, Governor Snyder recognized the importance of making Michigan a welcoming place for global companies.
“Today’s announcement is another sign of Michigan’s improving business climate and the good work we’ve done to reduce taxes, eliminate burdensome and unneeded regulations and by investing in talent enhancement programs,” Snyder said. “Investment in Michigan by overseas-based companies is growing and the results mean more and better jobs for people all across our state.”
Insourcing companies employ 177,500 Michigan workers, accounting for more than five percent of the Great Lakes State’s private sector workforce. More than 60 percent of these jobs are in manufacturing.
Robert Bosch President Mike Mansuetti emphasized the company’s long-term commitment to Michigan.
“As the U.S. subsidiary within our global company since 1906, Bosch is proud to support OFII in hosting this important event,” said Mansuetti. “We are an active proponent of the Insourcing Survey’s findings, including the need for investment, workforce development and educational support within our communities.”
Key Findings from the Insourcing Survey
Increased Confidence Means More Investment and Employment
Nearly two-thirds of CFOs anticipate increased investment in the United States within the next 12 months, and more than half expect to increase employment over that same period.
Among Advanced Economies, America Offers a Better Business Environment
The percentage of Insourcing CFOs who say America offers a better business environment compared to other advanced countries has increased dramatically, climbing 35 percentage points since 2011 (from 23 percent to 58 percent).
Tax and Regulatory Reform are Important
With CFOs identifying the U.S. corporate income tax as the least competitive among other advanced countries, it is no surprise that the most important area for the U.S. to improve to increase foreign direct investment was the U.S. tax system. Among tax policies, 54 percent of CFOs say the corporate tax rate was the factor that impacted their business the most.
Ensuring Fair Treatment of Insourcing Companies Is Critical
Four in 10 insourcing companies say unfair tax treatment has negatively impacted their U.S. business operations and more than a quarter have faced discrimination in bidding on government contracts.
The full findings of the survey are available at OFII.org/CFOSurvey.
Source: The Organization of International Investment
Created more than two decades ago, the Organization for International Investment (OFII) is a non-profit business association in Washington, D.C. representing the U.S. operations of many of the world's leading global companies, which insource millions of American jobs. OFII works to ensure the United States remains the top location for global investment. As such, OFII advocates for fair, non-discriminatory treatment of foreign-based companies and promotes policies that will encourage them to establish U.S. operations, increase American employment, and boost U.S. economic growth. For more information, please visit www.OFII.org.
The Bosch Group is a leading global supplier of technology and services. According to preliminary figures, its roughly 281,000 associates generated sales of 46.4 billion euros ($61.6 billion) in 2013*. The Bosch Group comprises Robert Bosch GmbH and its more than 350 subsidiaries and regional companies in some 60 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. Its operations are divided into four business sectors: Automotive Technology, Industrial Technology, Consumer Goods, and Energy and Building Technology. This worldwide development, manufacturing, and sales network is the foundation for further growth. In 2013, Bosch applied for some 5,000 patents worldwide. The Bosch Group’s products and services are designed to fascinate, and to improve the quality of life by providing solutions which are both innovative and beneficial. In this way, the company offers technology worldwide that is “Invented for life.” Additional information on the global organization is available online at www.bosch.com, www.bosch-press.com, and http://twitter.com/BoschPresse.
In the U.S., Canada and Mexico, the Bosch Group manufactures and markets automotive original equipment and aftermarket products, industrial drives and control technology, power tools, security and communication systems, packaging technology, thermotechnology, household appliances, healthcare telemedicine and software solutions. For more information, please visit www.boschusa.com, www.bosch.com.mx and www.bosch.ca.
*Due to a change in legal rules governing consolidation, 2013 figures can only be compared to a limited extent with 2012 figures. Exchange rate: 1 EUR = $1.32812
Foreign Direct Investment in Michigan - March 2014