Ontario is again a leading North American destination for foreign direct investment (FDI), according to fDi Intelligence's 2018 report on global greenfield investment. The annual report, published by a division of the Financial Times, is the most authoritative source of intelligence on real investment in the global economy, tracking greenfield investment projects globally across industries.
Ontario attracted $6.9 billion dollars in capital investment in 2017, and while the investment was spread across 12% fewer projects than 2016, the value of capital investment increased by 53% over last year. As a result, the province secured a higher ranking than both California and New York for the first time since 2014, maintaining its position as a "Top 3 Destination" for Greenfield FDI in North America for the second year in a row.
Related: FDI confidence in Canada reaches all-time high
During the same period, foreign direct investment into North America increased by 76%, with an overall capital investment of $100.3 billion. Meanwhile, the number of FDI projects in Canada increased by 1.2% to 257, with Ontario accounting for nearly half of the nation's FDI and 7% of all FDI into North America.
Although a dramatic increase in FDI into Texas and Wisconsin led to the states capturing the top two positions, this is due in part to large, one-off deals rather than a change in investment trends. Saudi Basic Industries announced a $10-billion petrochemical plant in Portland, Texas while Foxconn announced a $10-billion LCD facility in Wisconsin.
This year, Ontario is focused on growing the economy and creating jobs, sending a clear message to the world that the province is open for business.
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