Las Vegas sees increase in foreign-backed jobs - 8 News NOW

Las Vegas sees increase in foreign-backed jobs

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LAS VEGAS -- Foreign-owned establishments generated 21,740 jobs in the Las Vegas metropolitan area in 2011 and their share of total employment in the region doubled over a 20-year period, the Brookings Institution reported Thursday night.

In a joint project with JPMorgan Chase known as the Global Cities Initiative, Brookings calculated that the number of jobs tied to foreign investment placed Las Vegas 47th among the nation’s 100 largest metros. That was a sharp improvement from a ranking of 83rd in 1991, when Las Vegas supported 5,150 such jobs.

By 2011, jobs in foreign-owned establishments accounted for 3 percent of all employment in Las Vegas, double the 1.5 percent share in 1991. Among the nation’s largest metros, though, foreign investment supports 5.5 percent of the workforce on average.

Some 30.1 percent of the jobs created locally by foreign investment are tied to England, followed by Japan (9.2 percent), Italy (8.7 percent), Germany (8.2 percent) and Canada (7.5 percent).

The highest concentration of these jobs are involved in grocery stores (16 percent), restaurants (12.2 percent), investigation and security services (9.4 percent), cement and concrete products (4.6 percent) and non-bank credit intermediation (4.1 percent).

Brookings, a think tank based in Washington, D.C., reported that U.S. affiliates of foreign companies employed 5.6 million American workers in 2011.

 

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