CLEVELAND, OH — June 17, 2004 — Despite its somewhat sluggish economy, European companies continue to invest heavily in U.S.-based manufacturing facilities, according to a recent survey of state commerce and economic development departments conducted by Expansion Management magazine, a monthly business magazine for executives of companies that are actively looking for a place to expand or relocate their facilities within the next one to three years.
This marks the fourth year for the annual survey of European capital investment in the U.S. manufacturing sector. In order to be included, a European-based company must make a "brick and mortar" expansion in the United States that involves a capital investment of at least $1 million and create at least 10 new jobs. In addition, these expansions must have taken place within the past two years,
Topping this year's list is Kokomo, Ind., with more than $600 million in European capital investment during the past two years. A major reason why is DaimlerChrysler, which expanded its No. 1 and No. 2 Indiana Transmission Plants, as well as its Kokomo Castings Plant.
“The hardest part about attracting foreign investment is to attract that first company,” said Bill King, editor of Expansion Management magazine. “After that, others will follow.”
Expansion Management magazine is mailed to more than 45,000 CEOs, vice presidents, directors and other executives of companies that have indicated they are considering expanding into new geographic areas.
“The main reason is the comfort level they feel knowing that other business executives from their country have gone through the site selection process and chosen a certain city,” said King. “After a while, as more companies of similar nationalities congregate in a metro area, social and cultural amenities such as schools, churches and food tend to establish themselves in those cities.”
For a copy of the article, which appears in the June 2004 issue, go to Expansion Management’s Web site at www.ExpansionManagement.com.
Expansion Management is a monthly magazine published by Penton Media, Inc, a leading, global business-to-business media company that produces market-focused magazines, trade shows and conferences, and Web sites. Penton's integrated media portfolio serves the following industries: Internet/broadband; information technology; electronics; natural products; food/retail; manufacturing; design/engineering; supply chain; aviation; government/compliance; mechanical systems/construction; and leisure/hospitality. For more information, visit www.penton.com.
Top 50 U.S. Cities for European Expansion:
1. Kokomo, Ind. MSA
2. Detroit-Warren-Livonia, Mich. MSA
3. Spartanburg, S.C. MSA
4. Greenville, S.C. MSA
5. Richmond-Petersburg, Va.
6. Carroll County, Ky.
7. Anderson, S.C. MSA
8. Virginia Beach-Norfolk-Newport News, Va.-N.C. MSA
9. Charleston-North Charleston, S.C. MSA
10. Raleigh-Durham-Chapel Hill, N.C.
11. Dayton, Ohio MSA
12. Cincinnati-Middletown, Ohio-Ky.-Ind. MSA
13. Memphis, Tenn.-Miss.-Ark. MSA
14. Keokuk, Iowa
15. Philadelphia, Pa.-N.J.
16. Fort Smith, Ark.-Okla. MSA
17. Columbia, S.C. MSA
18. Gainesville, Ga. MSA
19. Charleston, W.Va. MSA
20. Tuscaloosa, Ala. MSA
21. Cleveland-Elyria-Mentor, Ohio MSA
22. Knoxville, Tenn. MSA
23. Columbus, Ohio MSA
24. Atlanta-Sandy Springs-Marietta, Ga. MSA
25. Akron, Ohio MSA
26. Washington-Arlington-Alexandria, D.C.-Md.-Va.-W.Va. MSA
27. Peach County, Ga.
28. Minneapolis-St. Paul-Bloomington, Minn.-Wis. MSA
29. Jackson County, W.Va.
30. Cedar Rapids, Iowa MSA
31. Jackson County, Miss.
32. Springfield, Ohio MSA
33. Wythe County, Va.
34. Tulsa, Okla. MSA
35. Pittsburgh, Pa.
36. Grand Rapids-Wyoming, Mich. MSA
37. Lynchburg, Va. MSA
38. Mobile, Ala. MSA
39. Reading, Pa.
40. Ann Arbor, Mich. MSA
41. Jackson County, Ind.
42. Auburn-Opelika, Ala. MSA
43. Lee County, Miss.
44. Kansas City, Mo.-Kan. MSA
45. Parkersburg-Marietta, W.Va-Ohio
46. Floyd County, Ga.
47. Montgomery County, N.C.
48. Clarkesville, Tenn.-Ky. MSA
49. Toledo, Ohio MSA
50. Miami-Fort Lauderdale-Miami Beach, Fla. MSA
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