NEWS

In the 20th century, businesses, inspired by the success stories of Norwegians in the U.S. and the growing global influence of America, began looking westward. Companies from both countries started collaborating, resulting in a surge of investments, joint ventures, and shared successes. In today’s complex geopolitical arena, the U.S. and Norway have fostered a strong relationship built on trust and mutual understanding on many important global issues. Furthermore, the U.S. and Norway converge on global challenges, reflecting their shared ambitions in championing human rights and mitigating the impacts of climate change.  

Today, this bond has evolved into a dynamic political and economic partnership characterized by economic cooperation, trade, and investments. Norwegian multinational companies in the US span various sectors, from green technology in California, Atlanta, and Michigan, to maritime enterprises on the Atlantic coast, and oil and gas companies in Texas. All companies contribute to job creation in local communities. Trade, a cornerstone of any bilateral relationship, has flourished between Norway and the U.S. The vast expanse of goods traded ranges from machinery and seafood to advanced equipment and petroleum products. Also, the largest sovereign wealth fund in the world, NBIM1, has about 45 percent of its holdings in the US.  

Trade between the two countries has contributed to the growth and development of both economies. Although significantly smaller in size, innovative Norwegian companies in many sectors contribute in important ways to the US economy. Menon’s report quantifies these effects in terms of the amount of US jobs associated with Norwegian multinationals, Norwegian import of American goods and services and investments from US-affiliated companies. 

Based on extensive data collection, Norwegian multinational companies in the US contribute to the creation of 20,200 American jobs. These companies include large companies with thousands of employees, alongside many small and midsized Norwegian companies operating in a range of different industries. Additionally, export of US goods and services to Norway supports 12,100 American jobs. Moreover, Norwegian multinationals and US companies exporting to Norway indirectly support 44,200 U.S. jobs through their purchases of goods and services. Finally, we find that there are approximately 218,000 jobs associated with Norwegian portfolio investments in US companies.

In the report, Menon estimates the jobs numbers for each U.S. state. Texas is the state where the most U.S. jobs are created from Norwegian activity, followed by Pennsylvania, California, and New York (see fact sheets below) 

Norwegian companies not only create important and well-paying jobs in the US. With world-leading and innovative companies operating in a range of different industries, Norwegian companies provide important inputs and technologies to US consumers and businesses. To illustrate this, Menon conducted in-depth analyses of six specific industries that are of significant relevance in the economic ties between the United States and Norway. These industries include:  

• Offshore wind 
• Emerging green technologies  
• Maritime sector 
• Process industry 
• Defense and security 
• Seafood 

All these industries are actively supported by a broad range of public and private Norwegian entities in the U.S., commonly referred to as Team Norway.  

Read full article and report here.