Foreign-Owned Enterprises (FOEs) by Industry Sector
In terms of jobs and wages, manufacturing is the leading industry sector for foreign-owned enterprises (FOEs) in Los Angeles County in 2017. Manufacturing produced with over 48,000 jobs and almost $3,400 million in wages throughout Los Angeles County. Next, financial activities followed, with over 28,000 jobs and over $2,500 million in wages. Professional and business services came in third place, with almost 25,000 jobs and over $1,600 million in wages.
What is an FOE?
A foreign-owned enterprise (FOE) is a business in which more than 50% ownership and voting power, either directly or indirectly through subsidiaries, belong to citizens of countries outside of where the business is established (OECD, February 2012).
Why are FOEs important to Los Angeles County?
In 2017, there are an estimated 4,912 foreign-owned firms in Los Angeles County. Together, these firms have produced over 200,800 jobs and provided over $12,600 million in wages for Los Angeles County’s residents. While “the economic policy debate between protectionism and global free trade has reached a fever pitch globally,” Los Angeles County is a major beneficiary of global trade, including in the form of FOEs (World Trade Center Los Angeles, May 2018).