What About Outsourcing TO The US: INSOURCING
The International Organization for International Investment (OFII) recently released the “Insourcing 50” list of the 50 largest U.S.-based subsidiaries of foreign-headquartered companies. Topping the list are BP Global (UK), Royal Dutch Shell (Netherlands), Toyota (Japan), HSBC (UK), and Honda (Japan).
According to the OFII, "This list demonstrates the extensive business activity generated by foreign-owned businesses that insource into the United States. Revenue generated by these businesses is an indication of investment in infrastructure, jobs and markets in the United States."
U.S. subsidiaries of foreign companies employ 5.1 million Americans, with a total annual payroll of $336 billion, at an average compensation of $66,000, according to the OFII's Insourcing Statistics.
Bottom Line: We hear a lot about U.S. companies outsourcing jobs overseas, but we haven't heard much about the outsourcing of 5.1 million jobs TO the U.S. from foreign companies headquartered outside the U.S. Outsourcing, like trade, works both ways.