Strategy

GKN’s contribution to US economy totals $5 billion

A new study by Oxford Economics has found that GKN contributed $5 billion to the US economy in 2015, helping sustain 42,000 jobs in the region.

GKN’s contribution to US economy totals $5 billion

Our US operations directly contributed $1.34 billion, and GKN and its employees paid $264 million to the US Federal State and tax authorities during the year, sufficient to fund over 4,000 teachers. GKN’s supply chains contributed a further $1.72 billion with the Group purchasing more than $2.31 billion in goods and services from US suppliers. The remaining $1.91 billion was contributed through employees spending their wages in the US economy.

Across 50 sites GKN employs over 10,000 people in the US, approximately 18% of our global workforce. $60 million was invested in research and development in the US alone during the year, with a total estimated US R&D contribution of $119 million since 2000.

Jon Sonju, Head of Government Affairs Aerostructures North America, GKN Aerospace, said: “The US is a very important market for GKN as a leader in both the aerospace and automotive markets, and home to a fifth of our employees. We are extremely proud to make a valuable contribution to its economy.”

The US-based study follows its UK equivalent published last month which found that GKN contributed a total of £1.3 billion to the UK economy.

Oxford Economics used a modelling approach to capture how the Group’s global activities support economic activity in the US in the report published in May 2017.

GKN’s contribution to US economy totals $5 billion

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