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Commerce

Secretary Pritzker Praises Data Advisory Council Members for Role in Making Commerce Data More Widely Usable

Reflecting on today’s Commerce Data Advisory Committee meeting, I think about the “flywheel effect,” a term coined by Jim Collins, author of the landmark book, “Good to Great,” (about how good companies become great).

The flywheel effect says the toughest challenge is getting a giant wheel to begin turning. You have to keep pushing. And it takes many shoulders on the wheel. But at some point, the momentum kicks in, and the flywheel starts to turn on its own momentum. Then—boom—it takes off.

New Commerce Department Report Shows Foreign Direct Investment:Since 2000, FDI has Supported More Than 5 Million Jobs at 30% Higher Wages

WASHINGTON, D.C. – The U.S. Department of Commerce’s Economics and Statistics Administration (ESA) today reported that foreign direct investment (FDI) in the United States over the past decade has supported more than 5 million U.S. jobs that, on average, paid 30 percent more than other jobs. The findings, presented in a new ESA report entitled “Foreign Direct Investment in the United States,” point the way toward policies that could expand the number of foreign partners investing in the United States and, in so doing, create more high-paying U.S. jobs.

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