Foreign direct investment tops $1.1B in four years as international companies boost local economy

Foreign direct investment in Oakland County for the past four years totaled more than $1.1 billion as international companies continue to boost Oakland County’s economy, County Executive L. Brooks Patterson said.

Twenty-seven international companies from 13 countries either opened new operations or invested in existing facilities in 2017, generating total investment of more than $305 million for the year. Foreign direct investment is defined as investment from a company headquartered outside the United States.

“During that four-year period, international companies generated investment of more than $806,000 a day in Oakland County – that’s every day for four straight years,” Patterson said. “Oakland County attracts more foreign investment in a year than many states and rest assured we’re going to aggressively seek additional investment in 2018.”

The countries of origin for 2017 international business successes include Brazil, Canada, China, France, Germany, India, Israel, Italy, Japan, Korea, Switzerland, Sweden and Turkey. The investment resulted in 2,807 new jobs and 3,383 retained jobs. Oakland County has about 1,100 global firms from 39 countries.

Significant investment in 2017 came from:

• Denso, a Japanese auto supplier, $75 million expansion in Southfield, 720 new and retained jobs.
• Magneti Marelli Holdings USA, an Italian auto supplier, $35 million expansion in Clarkston, 422 new and retained jobs.
• LG Electronics, a Korean auto supplier, $25 million for a new location in Hazel Park, 423 new and retained jobs.
• Mahindra North American Technical Center, an India-based auto supplier, $22 million attraction project in Pontiac and Auburn Hills, 105 new jobs.
• Autoliv Electronics America, a Swedish auto supplier, $20 million expansion in Southfield, 734 new and retained jobs.

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