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July 12, 2023

Report: Foreign investment in CT topped $1.88B in 2022

Courtesy photo From left: Connecticut's Governor Ned Lamont and Mauro Fioretti, President and CEO of Pietro Rosa Group.

Foreign companies invested more than $1.88 billion in Connecticut last year, according to new data from the U.S. Bureau of Economic Analysis (BEA), with almost all of that coming via company acquisitions.

The BEA released new data Monday detailing how much foreign investment the country has seen over the past two years. Besides about $6 million, all the foreign investment Connecticut saw in 2022 came from foreign companies purchasing firms in the state. Data from 2022 regarding how many foreign companies established or expanded in the state were “suppressed to avoid disclosure of data on individual companies,” according to the BEA.

The $1.88 billion in investment last year was an improvement from 2021, when foreign investment totalled $1.27 billion, with all but $5 million coming from acquisitions. In 2021, four foreign companies established facilities in Connecticut and one expanded its presence in the state, according to the data.

While Connecticut’s numbers improved last year, the country as a whole saw a steep drop in foreign investment, from $362.6 billion in 2021 to $177.5 billion in 2022. That $185.1 billion decrease represents a 51% drop, according to the BEA. The most direct investment nationally, 31.1%, came in the manufacturing sector.

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