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Strong Investment Signals Strenghtening U.S. Economy, according to Ernst & Young
August 11, 2012
By Michael Foster, Big4.com Blogger
More jobs and domestic investment may be coming to America, if trends in an Ernst & Young study continue.
The Big4 firm’s 2012 US Investment Monitor report concluded that investment in the American economy has strengthened. By studying 5,000 investments across the country worth $135 billion, Ernst & Young’s analysts concluded that investment in American projects is growing. The study concluded that over 336,000 jobs were either created or retained in 2011 as a direct result of this higher investment.
Job gains and capital investment were strongest in states with large energy sectors, with Louisiana, Texas, and Pennsylvania seeing the strongest growth. Louisiana had $20.9 billion in investment, Pennsylvania had $12,5 billion, and Texas had $10.1 billion. Texas led with the most amount of jobs created and retained, at 30,100.
“Companies, particularly those in growth industries like automotive, high tech and energy face the potential for a shortage of skilled labor in the US in the coming years and this poses one of the biggest critical risk factors to their continued business growth unless addressed early,” said Ernst & Young Principal and East Coast Leader Josh Herrenkohl.
Projects in the manufacturing sector accounted for 60 per cent of the total investment and 56 per cent of the jobs created and retained. Capital investment per job in 2011 was $405,000, an increase of over 90% from 2010.