Although foreign direct investment into developed economies continues to show dramatic growth, little consensus exists over either its national or regional impacts. The lack of empirical evidence, particularly on a sub-national level, adds to the uncertainty over the efficacy of regional development strategies focused on attracting foreign investment. The present research uses book value and employment measures of U.S. state-level FDI activity to assess the impact of foreign capital on regional growth and productivity performance. The results imply a vital role for FDI in stimulating regions within well-integrated, developed economies. Copyright 2005 Blackwell Publishing Ltd..

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