June 21, 2014

Few Stanislaus County jobs created by foreign firms

Study finds foreign-owned firms rare in Stanislaus and San Joaquin counties

Dead last. That’s where Stanislaus County ranked when it came to jobs created by foreign-owned businesses.

Only 2,220 of the county’s jobs were in foreign-owned companies, which was the least for any of America’s 100 largest metropolitan areas. That’s according to a study released this week by the Brookings Institution and JPMorgan Chase, based on 2011 data.

Only 1.6 percent of Stanislaus’ private employment was with foreign firms that year, compared with an average 5.4 percent in the nation’s other metropolitan regions.

In San Joaquin County, 3.4 percent of the jobs were in foreign-owned firms. But in Silicon Valley’s prosperous Santa Clara County, 7.3 percent of workers were in companies based abroad.

The study touts the economic benefits of foreign investment in American communities, citing increased job creation, higher wages and expanded trade, productivity, capital investment, research and development.

Of foreign-owned companies, those based in England employ the most workers in America. But French firms employed the most in Stanislaus, and Japanese companies were tops in San Joaquin.

The top five industries for foreign companies in Stanislaus were: architectural and structural metals, commercial banks, grocery stores, plastics and dairy products.

San Joaquin’s top industries for foreign ownership were: commercial banks, glass products, restaurants, converted paper products and motor vehicle parts.

Manufacturing was the top sector for job creation by foreign companies, including 900 manufacturing jobs in Stanislaus and 1,700 in San Joaquin.

More details about what the study included about Stanislaus and San Joaquin counties is posted with this story on www.modbee.com.

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