Ireland’s Expanding Economic Footprint in the United States
Kevin Sherry
Executive Director, Enterprise Ireland
The economic partnership between Ireland and the US has evolved into a robust and multifaceted mutually beneficial relationship, marked by significant Irish investment and a growing presence of Irish companies across the US market. This dynamic has not only bolstered bilateral trade but has also contributed substantially to job creation and economic growth within the US.
As of 2023, over 900 Irish-owned companies are actively exporting to the US, with approximately 73% maintaining a full-time presence in the market. These presences range from single-person offices to large manufacturing operations employing thousands. The US also stands as the second-largest export market for Enterprise Ireland client companies, with €5.9 billion in exports in 2023.
Beyond exports, Irish companies have significantly increased their investments in the US Recent data from the US Bureau of Economic Analysis highlights the accelerated pace of Irish investments, positioning Ireland as the 6th largest source of Foreign Direct Investment (FDI) in the US, with Irish-origin investments valued at $350 billion. This substantial investment underscores the real commitment of Irish enterprises to the US market and reflects a deepening economic interdependence between the two nations.
The impact of these investments is clearly evident in employment figures. Irish companies employ over 118,000 people across the US, contributing to local economies across different states and fostering innovation in various sectors. This employment footprint highlights the role and depth of Irish businesses as integral players in the US economic landscape.
Enterprise Ireland, the Irish government organisation responsible for the development and growth of Irish enterprises in world markets, has been instrumental in facilitating this expansion. With six offices across the US, Enterprise Ireland has supported the establishment of over 80 new US presences by Irish companies in the last 18-months alone.
This strategic support has enabled Irish firms to navigate the complexities of the US market effectively, fostering partnerships, facilitating growth and delivering economic value to the USA.
Enterprise Ireland continues to focus on driving the important economic relationship between the US and Ireland for the mutual benefit of both countries. In particular, it is dedicated to increasing the positive impact of Irish companies in the US, driving investment, innovation, and partnerships that contribute to both economies.
In healthcare for example, Enterprise Ireland has forged strategic partnerships with leading US healthcare providers such as Northwell Health and Texas Medical Center to advance healthcare innovation. These alliances not only boost Irish companies by providing them with expansive networks for research and commercialisation but also benefit US healthcare systems. Through these collaborations, utilisation of cutting-edge medical technologies and solutions from Ireland, lead to enhanced treatment options, more efficient healthcare delivery, and ultimately, improved patient outcomes through better diagnostics, treatments, and preventive care measures.
The deepening economic ties between Ireland and the US exemplify a successful model of international close collaboration. Irish companies have not only expanded their footprint in the US through exports but have also become significant investors, employers, and contributors to the US economy. Enterprise Ireland’s commitment to fostering these connections ensures that the partnership will continue to drive shared growth, innovation, and prosperity for both nations to mutual benefit.