Report by PSU Professors Outlines Nature and Scope of Foreign Investment in New Hampshire

The 2021-2022 Foreign Direct Investment (FDI) report was presented at the fifth annual FDI Forum at Plymouth State University

Plymouth State University, in partnership with the New Hampshire Department of Business and Economic Affairs (BEA) and the World Affairs Council of New Hampshire, presented the key findings of the 2021-2022 New Hampshire Foreign Direct Investment (FDI) Report at the fifth annual PSU and BEA Foreign Direct Investment Forum at the university on Thursday, February 16, 2023. The forum was also live-streamed on YouTube. 

BEA Commissioner Taylor Caswell and PSU President Donald L. Birx, Ph.D., gave remarks at Thursday’s forum. 

“Plymouth State University’s annual analysis of foreign direct investment into New Hampshire demonstrates the important results of New Hampshire’s ‘best for business’ efforts,” Caswell said. “New Hampshire’s low taxes, skilled workforce, and proximity to domestic and foreign markets are advantages few states can offer to companies poised for international growth. These data and findings will be useful in our efforts to attract businesses to New Hampshire and create high paying jobs for years to come.” 

The report, which can now be accessed online at the Plymouth State University website, details a consistent quality of investments in New Hampshire and its positive economic impacts despite ongoing uncertainty, inflation and risk of recession. The report’s authors, PSU professors Roxana Wright, DBA, and Chen Wu, Ph.D., provide a clear picture of foreign business presence in the state and an analysis of its economic impacts and opportunities. 

“By mapping the countries of origin for FDI across the counties and industries, our unique data hold important value for identifying the sources of FDI,” Wu said. “Our report has valuable implications for both policy makers and researchers who are interested in boosting the regional economic development via FDI attraction and retention.” 

In 2022, nearly 180 foreign companies headquartered in 23 foreign countries had over 360 subsidiaries operating in each of the 10 counties in New Hampshire, across 50 industries. The plurality of foreign-owned subsidiaries (28%) is in the finance and insurance industry. While about 75% of these companies are operating in the state’s most populous counties in the south, Hillsborough and Rockingham, Wright and Wu describe a potential for growth in foreign manufacturing investment in the North Country.  

“While reliable national-level data is provided by prominent institutions, we bring something different – a localized analysis and a closer look at international ties and value-creation in the state. What we found was reassuring,” Wright said. “Foreign direct investment and international connections touch many of the industry segments and all key supply chain activities in New Hampshire. And international businesses contribute to financing availability for private and corporate residents, to the growth of local markets and industries, and to the resilience of production capacity.” 

According to the latest available data from the U.S. Bureau of Economic Analysis, the foreign subsidiaries employed 50,700 people in the state in 2020, which is 8% of the state’s overall private-sector employment, higher than the national average of 6%. In their research, Wright and Wu find the majority (over 60%) of the foreign subsidiaries are small businesses that have under 20 employees. 

A panel consisting of Kirsten Chambers-Taylor of the United Kingdom Department for Business and Trade, Mark Laliberte, a business recruiter for BEA, Bryce W. Morrison, an attorney and shareholder at Bernstein Shur, and Ray Brousseau, Vice President and Deputy General Manager of BAE Systems, discussed the business climate in New Hampshire and why companies invest in the Granite State. 

To access the 2021-2022 NH Foreign Direct Investment Report, visit