FOREIGN DIRECT INVESTMENT

Transcription

1 FOREIGN DIRECT INVESTMENT IN SOUTHERN CALIFORNIA, 2018 IN PARTNERSHIP WITH

2 18 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT MAY 21, 2018 INTRODUCTION The economic policy debate between protectionism and global free trade has reached a fever pitch globally, with potential trade skirmishes, battles and wars hanging like a cloud over the global economy. Whether it is rooted in the new populism that gave rise to a new administration in the States, and Brexit in the European Union, or the growing opposition to multi-national trade agreements such as the North American Free Trade Agreement (NAFTA) and Trans-Pacific Partnership (TPP) on the left and right, or the ebbs and flows of various goods around the globe, the potential for threats to historical trade models and routes seem greater than any time in recent history. Southern California is a major hub for the global economy, and as a result, it is a critical bellwether of the state of global trade. Building on the World Trade Center Los Angeles (WTCLA) and the Los Angeles County Economic Development Corporation s two-year series of publications on foreign direct investment (FDI) in Southern California, this year s report continues to describe the shifting patterns of trade throughout the six-county Southern California economy (covering Los Angeles, Orange, San Diego, San Bernardino, Riverside, and Ventura counties). This report supplements those prior reports by providing a deeper understanding of the provenance of the foreign-owned enterprises (FOEs) that comprise the data in this study. It also provides some deeper understanding of the business flows into the mega-region that are impacted by three of the flashpoints Table 1 CHANGE IN FOES BY SOURCE NATION, BETWEEN , SOUTHERN CALIFORNIA in the global discussion around trade and investment flows: (1) the departure of the from the European Union (aka Brexit ); (2) efforts by the States to redefine and renegotiate NAFTA; and (3) the escalating trade tensions between the States and China (page 6). There are now an estimated 10,378 foreign-owned firms in Southern California, representing approximately 1.2 percent of all firms in the region. Together, these firms have 427,954 employees, representing 5.4 percent of the region s workers, with wages of almost $27 billion (Table 4). Japan is the leading source-nation for FOEs in the region with 2,541 firms, accounting for more than one-fifth of the total FOE employment with 85,874 employees and $5.4 billion in wages. The remains in second, with 1,167 firms employing 63,739 workers with a total estimated $3.6 billion in wages. Canada, France, and Germany round out the top five source-nations. And the geographic diffusion of these FOEs throughout the region is increasing with a slightly smaller share of these firms located in Los Angeles County this year, dropping from 48.4 percent to 46.9 percent (Table 1). Retail and wholesale trade continue to have the largest number of firms, with 2,404 and 1,704 firms, respectively, and manufacturing places third with 1,588 firms. On the employment and payroll side, however, manufacturing dominates the FOEs, accounting for nearly one-third of all payroll jobs (147,830) and nearly 40 percent of all wages paid ($10.4 billion) Jobs 2016 Jobs 2015 % Change in # of Jobs % Change in # of Avg Wage per Emp, Japan 85,874 87,247 79, % 2,541 2,465 2, % $62, ,739 66,366 54, % 1,167 1,089 1, % $56,498 3 Canada 40,819 39,798 26, % % $67,493 4 France 38,261 35,981 32, % % $61,373 5 Germany 32,881 34,141 32, % % $61,207 6 Switzerland 24,292 24,675 25, % % $76,847 7 Ireland 20,425 20,985 20, % % $65,708 8 China 15,968 11,221 6, % % $62,024 9 Sweden 11,344 23,177 10, % % $50, Netherlands 10,894 11,104 14, % % $68, South Korea 10,029 7,464 7, % % $62, Taiwan 9,492 8,035 7, % % $67, Australia 7,873 7,569 7, % % $66, Mexico 6,704 6,673 5, % % $61, Spain 6,426 6,764 4, % % $65, Luxembourg 5,247 4,734 4, % % $55, Israel 4,445 4,495 4, % % $68, India 4,169 3,535 2, % % $68, Italy 3,290 3,096 2, % % $50, Cayman Islands 2,709 2,745 2, % % $64, Singapore 2,448 3,314 1, % % $69, Hong Kong 2,389 2,286 2, % % $65, Belgium 2,001 2,834 2, % % $65, Bermuda 1,799 1,820 2, % % $60, Rest of World 14,436 19,042 5, % % $61,232 TOTAL 427, , , % 10,378 9,964 9, % $62,810 Table 2 CHANGE IN FIRMS AND JOBS, BY SECTOR, Sector Jobs (millions) Jobs Natural Resources 1, Construction 4, ,830 1,588 10, , ,987 1,704 3, , ,647 2,414 1, , Transp, Warehousing & Utilities 23, , , , , ,794 1,190 3, , Prof / Business Services 2017 CHANGE ( ) 59,208 1,294 3, , Education / Health 5, , , Other Services 5, Public Administration 1, TOTAL 427,954 10,378 26, , Table 3 CHANGE IN FIRMS AND JOBS, BY COUNTY, Sector Jobs 2017 CHANGE ( ) (millions) Jobs % of all Los Angeles 200,811 4,912 $12,632-11, % +230 Orange 109,741 2,065 $6,842-4, % -+67 Riverside 16, $1, % +24 San Bernardino 22, $1,386 +1, % +71 San Diego 59,214 1,626 $3,745 +1, % +7 Ventura 18, $1,209 +1, % +15 TOTAL 427,954 10,378 $26,880-11, % +414 Table 4 SOUTHERN CALIFORNIA FOES BY DESTINATION COUNTY, Los Angeles 200, % 4,912 12,632 2 Orange 109, % 2,065 6,842 3 Riverside 16, % 585 1,066 4 San Bernardino 22, % 797 1,386 5 San Diego 59, % 1,626 3,745 6 Ventura 18, % 393 1,209 TOTAL 427, % 10,378 26, _WTCLA_ indd 18 5/16/18 10:26 AM

3 SOUTHERN CALIFORNIA 427,954 10,378 $26,880M FDI DESTINATION COUNTIES 3 1 Japan 85, % 2,541 5, , % 1,167 3, Canada 40, % 872 2, France 38, % 693 2, Germany 32, % 940 2, Switzerland 24, % 385 1, Ireland 20, % 185 1, China 15, % Sweden 11, % Netherlands 10, % All Others 83, % 2,786 5,300.0 TOTAL 427, % 10,378 26,879.7 Major Industry Jobs Natural Resources 1, Construction 4, ,830 1,588 10, ,987 1,704 3, ,647 2,414 1,501.8 Transp / Warehouse / Util 23, , , , ,794 1,190 3,587.7 Prof / Business Svcs 59,208 1,294 3,689.4 Education / Health 5, , Other Services 5, Public Admin 1, TOTAL 427,954 10,378 26,879.7 LOS ANGELES COUNTY 200,811 4,912 $12,632M 1 Japan 43, % 1,272 2, , % 541 1, Canada 18, % 351 1, France 16, % Switzerland 15, % 176 1, Germany 15, % Ireland 6, % China 6, % Sweden 5, % Taiwan 5, % All Others 41, % 1,302 2,619.2 TOTAL 200, % 4,912 12,631.7 Major Industry Jobs Natural Resources Construction 1, , , , , ,641 1, Transp / Warehouse / Util 17, , , , , ,619.2 Education / Health 2, , Other Services 3, Public Administration 1, TOTAL 200,811 4,912 12,631.7 ORANGE COUNTY 109,741 2,065 $6,842M 1 Japan 22, % 544 1, , % Canada 11, % France 8, % Germany 7, % China 7, % Ireland 7, % Taiwan 3, % Switzerland 3, % Israel 2, % All Others 16, % 513 1,013.1 TOTAL 109, % 2,065 6,842.0 Major Industry Jobs Natural Resources Construction 1, , , , , , Transp / Warehouse / Util 1, , , , ,139.2 Education / Health 1, , Other Services Public Administration TOTAL 109,741 2,065 6, ,876 RIVERSIDE COUNTY 585 $1,066M 1 2, % Japan 2, % Germany 2, % Canada 1, % Switzerland 1, % Sweden 1, % Spain 1, % Ireland % France % South Korea % All Others 1, % TOTAL 16, % 585 1,065.5 Major Industry Jobs Natural Resources Construction 1, , , , Transp / Warehouse / Util , , Education / Health Other Services Public Administration TOTAL 16, ,065.5

4 4 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT MAY 21, 2018 SAN BERNADINO COUNTY 22, $1,386M 1 Japan 3, % Canada 2, % France 2, % Germany 1, % , % Mexico 1, % Sweden % China % Australia % Switzerland % All Others 6, % TOTAL 22, % 797 1,386.4 Major Industry Jobs Natural Resources Construction , , , Transp / Warehouse / Util 1, , Education / Health Other Services Public Administration TOTAL 22, ,386.4 SAN DIEGO COUNTY 59,214 1,626 $3,745M 1 Japan 12, % , % Canada 5, % Ireland 4, % Germany 4, % France 4, % Switzerland 2, % Netherlands 2, % Sweden 1, % Spain 1, % All Others 10, % TOTAL 59, % 1,626 3,744.6 Major Industry Jobs Natural Resources Construction , , , , Transp / Warehouse / Util 1, , , , Education / Health 1, , Other Services 1, Public Administration TOTAL 59,214 1,626 3,744.6 VENTURA COUNTY 18, $1,209M 1 France 5, % , % Japan 2, % Netherlands 2, % Germany 1, % Ireland 1, % Canada % Sweden % South Korea % Mexico % All Others 1, % TOTAL 18, % 393 1,209.4 Major Industry Jobs Natural Resources Construction , , , Transp / Warehouse / Util , Education / Health Other Services Public Administration TOTAL 18, ,209.4 ABOUT WORLD TRADE CENTER LOS ANGELES The World Trade Center Los Angeles (WTCLA) is dedicated to attracting foreign direct investment and facilitating business opportunities between Los Angeles and international companies. WTCLA is a non-profit organization that provides business assistance services to international companies seeking to locate or expand their business operations in the Los Angeles Region, and to local companies seeking to export products or services to international markets. ABOUT THE PEPPERDINE SCHOOL OF PUBLIC POLICY The Pepperdine School of Public Policy is one of the nation s premier master-degree programs in the burgeoning field of public policy. The school applies founding American principles of personal liberty and market-driven solutions to both train future public policy leaders and inform contemporary policy dialogues and decisions. The School s faculty and programs engage the policy community across a wide range of public policy issues, domains and approaches.

5 FDI BY FIRM TYPE 5 Table 1 TYPES OF FIRMS AND NUMBERS OF JOBS IN EACH COUNTY, 2017 NUMBER OF FIRMS, BY TYPE, 2017 SHARE OF FIRMS, BY TYPE, 2017 County Headquarters Branch Single-site Subsidiary Total Headquarters Branch Single-site Subsidiary Los Angeles 554 3,322 1,036 4, % 45.4% 52.1% Orange 271 1, , % 18.2% 23.1% Riverside % 6.9% 2.7% San Bernardino % 8.6% 6.0% San Diego 139 1, , % 16.6% 13.8% Ventura % 4.3% 2.3% TOTAL 1,070 7,318 1,990 10, % 100.0% 100.0% NUMBER OF JOBS, BY FIRM TYPE, 2017 SHARE OF JOBS, BY FIRM TYPE, 2017 County Headquarters Branch Single-site Subsidiary Total Headquarters Branch Single-site Subsidiary Los Angeles 61,739 98,945 40, , % 46.2% 43.8% Orange 38,111 40,467 31, , % 18.9% 34.0% Riverside 2,325 12,795 1,756 16, % 6.0% 1.9% San Bernardino 2,381 17,560 2,851 22, % 8.2% 3.1% San Diego 11,693 33,418 14,103 59, % 15.6% 15.4% Ventura 5,939 11,040 1,541 18, % 5.2% 1.7% TOTAL 122, ,225 91, , % 100.0% 100.0% Table 2 TYPES OF FIRMS IN EACH COUNTY, NUMBER OF FIRMS, BY TYPE, 2016 SHARE OF COUNTY TOTAL, 2016 County Headquarters Branch Single-site Subsidiary Total Headquarters Branch Single-site Subsidiary Los Angeles 517 3, , % 69.7% 19.2% Orange 250 1, , % 66.9% 20.6% Riverside % 87.9% 7.8% San Bernardino % 82.4% 13.1% San Diego 146 1, , % 75.2% 15.8% Ventura % 80.7% 10.8% REGION OVERALL 1,002 7,214 1,748 9,964 AVG 10.1% 72.4% 17.5% NUMBER OF FIRMS, BY TYPE, 2017 SHARE OF COUNTY TOTAL, 2017 County Headquarters Branch Single-site Subsidiary Total Headquarters Branch Single-site Subsidiary Los Angeles 554 3,322 1,036 4, % 67.6% 21.1% Orange 271 1, , % 64.6% 22.3% Riverside % 86.3% 9.2% San Bernardino % 79.4% 15.1% San Diego 139 1, , % 74.5% 16.9% Ventura % 79.4% 11.5% TOTAL 1,070 7,318 1,990 10,378 AVG 10.3% 70.5% 19.2% CHANGE FROM Table 3 TYPES OF FIRMS, BY INDUSTRY FOR SOUTHERN CALIFORNIA, 2017 County Headquarters Branch Single-site Subsidiary Total Los Angeles +7.2% +1.7% +15.1% +4.9% Industry Sector Headquarters Branch Single-site Subsidiary Total Headquarters Branch Single-site Subsidiary Orange +8.4% -0.1% +11.7% +3.4% Riverside +8.3% +2.4% +22.7% +4.3% San Bernardino +33.3% +5.9% +26.3% +9.8% San Diego -4.8% -0.4% +7.4% +0.4% Ventura +12.5% +2.3% +9.8% +4.0% AVERAGE +6.8% +1.4% +13.8% +4.2% Natural Resources % 66.7% 17.8% Construction % 56.3% 31.8% , % 50.9% 28.9% , % 53.8% 30.3% 55 2, , % 92.8% 4.9% Transp, Warehousing & Utilities % 66.1% 19.7% % 69.6% 19.5% , % 83.7% 10.3% Prof / Business Svcs , % 59.5% 29.4% Education / Health % 81.8% 12.4% % 78.6% 15.9% Other Services % 75.3% 18.1% Public Admin % 97.2% 2.8% TOTAL 1,070 7,318 1,990 10,378 AVG 10.3% 70.5% 19.2%

6 6 POTENTIAL IMPACTS ON SOCAL FROM NEW TRADE POLICIES Table 1 FDI POTENTIALLY IMPACTED BY BREXIT: THE UNITED KINGDOM IN FOCUS, SOUTHERN CALIFORNIA, 2017 Rank Detailed Sector (NAICS 3-digit code) Jobs Wages 1 Administrative and Support Services - (561) 13, Professional, Scientific, and Technical Services - (541) 6, Gasoline Stations - (447) 3, Transportation Equipment - (336) 3, Water Transportation - (483) 3, Computer and Electronic Product - (334) 2, Chemical - (325) 2, Accommodation - (721) 2, Miscellaneous Store Retailers - (453) 2, Merchant Wholesalers, Durable Goods - (423) 2, Fabricated Metal Product - (332) 2, Credit Intermediation and Related Activities - (522) 1, Transit and Ground Passenger Transportation - (485) 1, Merchant Wholesalers, Nondurable Goods - (424) 1, Food Services and Drinking Places - (722) 1, Support Activities for Transportation - (488) 1, Insurance Carriers and Related Activities - (524) Machinery - (333) Beverage and Tobacco Product - (312) Publishing Industries (except Internet) - (511) Telecommunications - (517) Personal and Laundry Services - (812) Warehousing and Storage - (493) Amusement, Gambling, and Recreation Industries - (713) Rental and Leasing Services - (532) All Others 4, TOTAL 63,739 1,167 3,601.1 Table 3 FDI POTENTIALLY IMPACTED BY NAFTA REFORM: MEXICO IN FOCUS, SOUTHERN CALIFORNIA, 2017 Rank Detailed Sector (NAICS 3-digit code) Jobs Wages 1 Food - (311) 2, Food and Beverage Stores - (445) 1, Merchant Wholesalers, Durable Goods - (423) Professional, Scientific, and Technical Services - (541) Nonmetallic Mineral Product - (327) Merchant Wholesalers, Nondurable Goods - (424) Paper - (322) Credit Intermediation and Related Activities - (522) National Security and International Affairs - (928) General Merchandise Stores - (452) Motion Picture and Sound Recording Industries - (512) Building Material and Garden Equipment and Supplies Dealers - (444) Fabricated Metal Product - (332) Personal and Laundry Services - (812) Support Activities for Transportation - (488) Specialty Trade Contractors - (238) Administrative and Support Services - (561) Mining (except Oil and Gas) - (212) Truck Transportation - (484) Administration of Economic Programs - (926) Nonstore Retailers - (454) Management of Companies and Enterprises - (551) Warehousing and Storage - (493) Miscellaneous Store Retailers - (453) Food Services and Drinking Places - (722) All Others TOTAL 6, Table 2 FDI POTENTIALLY IMPACTED BY NAFTA REFORM: CANADA IN FOCUS, SOUTHERN CALIFORNIA, 2017 Rank Detailed Sector (NAICS 3-digit code) Jobs Wages 1 Professional, Scientific, and Technical Services - (541) 4, Textile Mills - (313) 4, Chemical - (325) 3, Credit Intermediation and Related Activities - (522) 3, Apparel - (315) 2, Motion Picture and Sound Recording Industries - (512) 1, Merchant Wholesalers, Nondurable Goods - (424) 1, Merchant Wholesalers, Durable Goods - (423) 1, Real Estate - (531) 1, Insurance Carriers and Related Activities - (524) 1, Food and Beverage Stores - (445) 1, Transportation Equipment - (336) 1, Support Activities for Transportation - (488) General Merchandise Stores - (452) Nursing and Residential Care Facilities - (623) Administrative and Support Services - (561) Primary Metal - (331) Publishing Industries (except Internet) - (511) Clothing and Clothing Accessories Stores - (448) Food - (311) Paper - (322) Computer and Electronic Product - (334) Construction of Buildings - (236) Plastics and Rubber Products - (326) Food Services and Drinking Places - (722) All Others 5, TOTAL 40, ,755.0 Table 4 FDI POTENTIALLY IMPACTED BY TRADE REFORM: CHINA IN FOCUS, SOUTHERN CALIFORNIA, 2017 Rank Detailed Sector (NAICS 3-digit code) Jobs Wages 1 Merchant Wholesalers, Durable Goods - (423) 5, Support Activities for Transportation - (488) 1, Motion Picture and Sound Recording Industries - (512) 1, Computer and Electronic Product - (334) 1, Machinery - (333) Professional, Scientific, and Technical Services - (541) Administrative and Support Services - (561) Food Services and Drinking Places - (722) Electronics and Appliance Stores - (443) Chemical - (325) Transportation Equipment - (336) Electrical Equipment, Appliance, and Component - (335) Ambulatory Health Care Services - (621) Merchant Wholesalers, Nondurable Goods - (424) Warehousing and Storage - (493) Credit Intermediation and Related Activities - (522) Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - (533) Telecommunications - (517) Truck Transportation - (484) Air Transportation - (481) Miscellaneous - (339) Social Assistance - (624) Management of Companies and Enterprises - (551) Construction of Buildings - (236) Apparel - (315) All Others TOTAL 15,

7 NO. 1 JAPAN FDI SOURCE NATIONS 7 JAPANESE FOEs BY DESTINATION COUNTY 1 Los Angeles 43, % 1,272 2, ,874 2,541 $5,350M JAPANESE BY SECTOR Orange 22, % 544 1, San Diego 12, % San Bernardino 3, % Riverside 2, % Ventura 2, % TOTAL 85, % 2,541 5,349.7 NO. 2 UNITED KINGDOM 63,739 UK BY SECTOR 1,167 $3,601M UK FOEs BY DESTINATION COUNTY 1 Los Angeles 26, % 541 1, Orange 19, % San Diego 11, % Ventura 2, % Riverside 2, % San Bernardino 1, % TOTAL 63, % 1,167 3,601.1 NO. 3 CANADA 40, CANADIAN BY SECTOR $2,755M NO. 4 FRANCE 38, FRENCH BY SECTOR $2,348M CANADIAN FOEs BY DESTINATION COUNTY 1 Los Angeles 18, % 351 1, Orange 11, % San Diego 5, % San Bernardino 2, % Riverside 1, % Ventura % TOTAL 40, % 872 2,755.0 FRENCH FOEs BY DESTINATION COUNTY 1 Los Angeles 16, % Orange 8, % Ventura 5, % San Diego 4, % San Bernardino 2, % Riverside % TOTAL 38, % 693 2,348.2

8 8 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT MAY 21, 2018 NO. 5 GERMANY 32, GERMAN BY SECTOR $2,013M GERMAN FOEs BY DESTINATION COUNTY 1 Los Angeles 15, % Orange 7, % San Diego 4, % Riverside 2, % San Bernardino 1, % Ventura 1, % TOTAL 32, % 940 2,012.5 NO. 6 SWITZERLAND 24,292 SWISS BY SECTOR 385 $1,867M SWISS FOEs BY DESTINATION COUNTY 1 Los Angeles 15, % 176 1, Orange 3, % San Diego 2, % Riverside 1, % Other Services San Bernardino % Ventura % TOTAL 24, % 385 1,866.8 NO. 7 IRELAND 20,425 IRISH BY SECTOR Public Administration 185 $1,342M IRISH FOEs BY DESTINATION COUNTY 1 Orange 7, % Los Angeles 6, % San Diego 4, % Ventura 1, % Riverside % San Bernardino % TOTAL 20, % 185 1,342.1 NO. 8 CHINA 15, CHINESE BY SECTOR $990M CHINESE FOEs BY DESTINATION COUNTY 1 Orange 7, % Los Angeles 6, % San Diego 1, % San Bernardino % Riverside % Ventura % TOTAL 15, %

9 MAY 21, 2018 CUSTOM CONTENT - LOS ANGELES BUSINESS JOURNAL 9 NO. 9 SWEDEN 11, SWEDISH BY SECTOR Construction $568M SWEDISH FOEs BY DESTINATION COUNTY 1 Los Angeles 5, % San Diego 1, % Riverside 1, % Orange 1, % San Bernardino % Ventura % TOTAL 11, % NO. 10 NETHERLANDS 10,894 DUTCH BY SECTOR 218 $746M DUTCH FOEs BY DESTINATION COUNTY 1 Los Angeles 5, % San Diego 2, % Ventura 2, % Orange % Riverside % San Bernardino % TOTAL 10, % NO. 11 SOUTH KOREA 10, SOUTH KOREAN BY SECTOR $626M SOUTH KOREAN FOEs BY DESTINATION COUNTY 1 Los Angeles 5, % Orange 2, % San Diego 1, % San Bernardino % Ventura % Riverside % TOTAL 10, % NO. 12 TAIWAN 9, TAIWANESE BY SECTOR $642M TAIWANESE FOEs BY DESTINATION COUNTY 1 Los Angeles 5, % Orange 3, % San Diego % San Bernardino % Ventura % Riverside % TOTAL 9, %

10 10 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT MAY 21, 2018 NO. 13 AUSTRALIA AUSTRALIAN FOEs BY DESTINATION COUNTY 7, $526M AUSTRALIAN BY SECTOR Los Angeles 4, % Orange 1, % San Bernardino % San Diego % Riverside % Ventura % TOTAL 7, % NO. 14 MEXICO MEXICAN FOEs BY DESTINATION COUNTY 6, $412M MEXICAN BY SECTOR Los Angeles 3, % San Diego 1, % San Bernardino 1, % Orange % Ventura % Riverside % TOTAL 6, % NO. 15 SPAIN SPANISH FOEs BY DESTINATION COUNTY 6, $424M SPANISH BY SECTOR Education / Health Los Angeles 2, % San Diego 1, % Riverside 1, % Orange % San Bernardino % Ventura % TOTAL 6, % NO. 16 LUXEMBOURG LUXEMBOURG FOEs BY DESTINATION COUNTY 5, $289M LUXEMBOURG BY SECTOR Los Angeles 2, % Orange 1, % San Diego % Riverside % San Bernardino % Ventura % TOTAL 5, %

11 MAY 21, 2018 CUSTOM CONTENT - LOS ANGELES BUSINESS JOURNAL 11 NO. 17 ISRAEL ISRAELI FOEs BY DESTINATION COUNTY 4, ISRAELI BY SECTOR $306M Orange 2, % Los Angeles 1, % San Diego % Riverside % Ventura % San Bernardino % TOTAL 4, % NO. 18 INDIA INDIAN FOEs BY DESTINATION COUNTY 4, $285M INDIAN BY SECTOR Natural Resources Orange 1, % Los Angeles 1, % San Bernardino % San Diego % Ventura % Riverside % TOTAL 4, % NO. 19 ITALY ITALIAN FOEs BY DESTINATION COUNTY 3, $165M ITALIAN BY SECTOR Los Angeles 1, % Orange % San Diego % Riverside % San Bernardino % Ventura % TOTAL 3, % NO. 20 CAYMAN ISLANDS CAYMAN ISLAND FOEs BY DESTINATION COUNTY 1 Los Angeles 2, % , CAYMAN ISLAND BY SECTOR $176M 2 Orange % Ventura % San Diego 8 0.3% Riverside 0 0.0% San Bernardino 0 0.0% TOTAL 2, %

12 12 LOS ANGELES BUSINESS JOURNAL - CUSTOM CONTENT MAY 21, 2018 NO. 21 SINGAPORE SINGAPORE FOEs BY DESTINATION COUNTY 2, SINGAPORE BY SECTOR Public Administration $170M Orange % San Diego % Los Angeles % San Bernardino % Riverside % Ventura 0 0.0% TOTAL 2, % NO. 22 HONG KONG HONG KONG FOEs BY DESTINATION COUNTY 2, $157M HONG KONG BY SECTOR Los Angeles 1, % San Bernardino % San Diego % Orange % Ventura % Riverside % TOTAL 2, % NO. 23 BELGIUM BELGIAN FOEs BY DESTINATION COUNTY 1 Orange % , BELGIAN BY SECTOR $131M 2 Los Angeles % San Diego % San Bernardino % Riverside % Ventura % TOTAL 2, % NO. 24 BERMUDA BERMUDA FOEs BY DESTINATION COUNTY 1, BERMUDA BY SECTOR Natural Resources $110M Los Angeles 1, % Orange % San Diego % San Bernardino % Riverside % Ventura % TOTAL 1, %