The U.S. Economy: Open for Business Rocky Mount Area Chamber of Commerce 110 th Annual Meeting February 4, 2014 David Langdon Senior Policy Advisor for Economics and Statistics

1.Big picture 2.Open for Business Agenda 3.What USDOC can do for you? A.Exports B.Manufacturing Extension Partnership C.Minority Business Development Agency 4.Commonsense Immigration Reform 5.Stronger Cities, Stronger Communities Overview 2

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14 2.Open for Business Agenda Department of Commerce OPEN FOR BUSINESS AGENDA Operational Excellence Trade & Investment Innovation Data Environment

Facts Over 95% of the world’s consumers live outside of the U.S. More than 1 billion new middle class consumers worldwide in the next 15 years. More than 80% of the world’s purchasing power is located outside the U.S. U.S. goods and services are the gold standard of innovation, quality, and safety Exports

16 WHAT WE DO AT COMMERCE TO PROMOTE EXPORTS Implement the National Export Initiative (NEI) 2.0 Coordinate among 20 trade agencies. Leverage a network of trade and commercial specialists in more than 100 U.S. cities and 70 countries. Tackle market access barriers. Lead the National Strategy on Travel and Tourism. Provide businesses the data and market intelligence they need. Protect IP. 3.Exports

The Commercial Service works in more than 70 countries to connect U.S. businesses with buyers overseas. Through Partnership Posts, the Department of State delivers Commercial Service branded support services in an additional 58 countries. – In 2012 alone, the Commercial Service helped U.S. companies achieve $63.3 billion in exports, supporting more than 310,000 U.S. jobs. TRADE COUNSELING 17 3.Exports

TRADE ADVOCACY The Commerce Department’s Advocacy Center serves to level the playing field on behalf of U.S. companies competing for international government contracts. – Advocacy wins totaled approximately $36.6 billion in U.S. export content in Agencies throughout the federal government are coordinated and engaged in the Advocacy effort. – For example, Commerce coordinates with the Export- Import Bank to ensure companies competing are aware of available financing options Exports

TRADE FINANCING Small Business Administration (SBA) – Has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. – Provided financing to more than 3,500 small business exporters. Export-Import Bank (Ex-Im Bank) – Is the official export credit agency of the U.S., and its mission is to assist in financing the export of U.S. goods and services to international markets. – Does not compete with private sector lenders but provides export financing products that fill gaps in trade financing Exports

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The NC Economic Benefits from Immigrants and Commonsense Immigration Reform $903 M additional output and approximately 11,000 new jobs in % of NC business owners are immigrants; $1.7 billion in income 1/3 of STEM graduates from NC research universities; 1/3 of STEM PhD’s Noncitizens are 46% of all farmworkers Commonsense immigration reform

Immigrants are more than twice as likely to start a business in the United States as non-immigrants. Immigrants started 28 percent of all new businesses while only accounting for 13 percent of the U.S. population. Small businesses owned by immigrants employed an estimated 4.7 million people in 2007, and these small businesses generated more than $776 billion in revenue, annually Commonsense immigration reform

Source: White House The Strong Cities, Strong Communities Initiative (SC2) Locations Brownsville, TX Flint, MI Gary, IN Macon, GA St. Louis, MO Rockford, IL Rocky Mount, NC Chester, PA Cleveland, OH Detroit, MI Fresno, CA Memphis, TN New Orleans, LA Youngstown, OH 24 5.SC2

Thank you!