By Isaac Cohen*
The five largest US companies, based on market capitalization, belong to the high-tech sector. First comes Apple, followed by Alphabet (Google), Microsoft and Facebook. The fifth place is shared by the conglomerate Berkshire Hathaway (owned by billionaire Warren Buffett) and Amazon. The Chinese company Alibaba is in seventh place, followed by the big banks, the oil companies, retailers and so forth. dogsofthedow.com/largest-companies-by-market-cap.htm
According to the Commerce Department, high-tech companies employ more than twice the national average of highly skilled and educated workers (in science, technology, engineering and mathematics STEM). In 2016, these companies contributed 25 percent to US total economic output and employed more than 18 million persons, equivalent to 14.6 percent of total employment. By contrast, in the same year, manufacturing contributed 12 percent of total output and employed 12 million people. http://blog.trade.gov/2017/10/05/fdi-strengthens-americas-high-tech-competitiveness/
The localization of these companies is concentrated in several states and metropolitan areas. By the number of employees and companies, California is first, with San Jose-Sunnyvale-Santa Clara (Silicon Valley), followed by Texas, New York, Illinois and Florida.
Also outstanding is the capacity of the high-tech sector to attract foreign direct investment. In 2016, 44 percent of all foreign investment in the United States was in high-tech companies, amounting to $1.6 trillion and 2.1 million workers, almost one third of all jobs generated by foreign direct investment. In 2015, the largest foreign investor in the US high-tech sector was the United Kingdom, followed by Japan, Germany, and France.
*International analyst and consultant. Commentator on economic and financial issues for CNN en Español TV and radio, UNIVISION, TELEMUNDO and other media. Former Director, UNECLAC Washington.
