See more visualizations like this on the Voronoi app.
Use This Visualization
The States Landing the Most Foreign Investment
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Arizona leads by a wide margin, attracting nearly $200B in foreign investment since 2020.
- The top five states account for over half of all announced investment.
- Semiconductor, EV, and clean energy projects are driving the largest commitments.
Since 2020, nearly $1 trillion in foreign capital has been committed to U.S. projects—often through a small number of very large investments.
Using data from fDi Intelligence, this map shows where that capital is being deployed, based on announced commitments between 2020 and 2025.
Arizona accounts for the largest share at nearly $200 billion, driven by major semiconductor projects. Other leading states, including Texas, North Carolina, and Georgia, are attracting investment tied to EVs, clean energy, and advanced manufacturing.
Arizona Leads in U.S. Foreign Investment
Arizona captured over 20% of total U.S. foreign capital commitments since 2020, fueled by TSMC’s $165 billion megaproject.
As the largest single foreign direct investment (FDI) project in U.S. history, it highlights how semiconductor manufacturing is becoming a cornerstone of domestic industrial policy. Over the next decade, these facilities are expected to generate thousands of jobs and anchor long-term supply chains in the region.
The table below ranks all states by announced FDI. The top five alone account for more than half of total inflows, reflecting how a small number of large projects are shaping the national picture.
| Rank | State or District | Foreign Direct Investment2020-2025 | Share |
|---|---|---|---|
| 1 | Arizona | $196.2B | 20.3% |
| 2 | Texas | $158.3B | 16.4% |
| 3 | North Carolina | $49.9B | 5.2% |
| 4 | California | $49.9B | 5.2% |
| 5 | Georgia | $41.2B | 4.3% |
| 6 | New York | $38.7B | 4.0% |
| 7 | Louisiana | $37.4B | 3.9% |
| 8 | Indiana | $29.5B | 3.1% |
| 9 | Tennessee | $25.4B | 2.6% |
| 10 | Ohio | $25.2B | 2.6% |
| 11 | Illinois | $24.9B | 2.6% |
| 12 | Kentucky | $23.8B | 2.5% |
| 13 | Florida | $23.0B | 2.4% |
| 14 | South Carolina | $21.9B | 2.3% |
| 15 | Michigan | $18.2B | 1.9% |
| 16 | Virginia | $17.7B | 1.8% |
| 17 | Pennsylvania | $17.4B | 1.8% |
| 18 | New Jersey | $12.6B | 1.3% |
| 19 | Alabama | $11.6B | 1.2% |
| 20 | Oklahoma | $11.2B | 1.2% |
| 21 | Maryland | $10.2B | 1.1% |
| 22 | Massachusetts | $9.9B | 1.0% |
| 23 | Colorado | $9.1B | 0.9% |
| 24 | New Mexico | $8.3B | 0.9% |
| 25 | Nevada | $8.2B | 0.8% |
| 26 | Kansas | $7.5B | 0.8% |
| 27 | Wisconsin | $7.4B | 0.8% |
| 28 | West Virginia | $6.3B | 0.7% |
| 29 | Washington | $5.7B | 0.6% |
| 30 | Mississippi | $5.5B | 0.6% |
| 31 | Missouri | $5.4B | 0.6% |
| 32 | Utah | $4.9B | 0.5% |
| 33 | Oregon | $4.7B | 0.5% |
| 34 | Arkansas | $4.5B | 0.5% |
| 35 | Minnesota | $4.3B | 0.4% |
| 36 | Connecticut | $3.4B | 0.3% |
| 37 | Alaska | $3.2B | 0.3% |
| 38 | North Dakota | $2.8B | 0.3% |
| 39 | Vermont | $2.6B | 0.3% |
| 40 | Idaho | $2.6B | 0.3% |
| 41 | South Dakota | $2.5B | 0.3% |
| 42 | Wyoming | $2.5B | 0.3% |
| 43 | Maine | $2.3B | 0.2% |
| 44 | New Hampshire | $1.8B | 0.2% |
| 45 | Iowa | $1.8B | 0.2% |
| 46 | Delaware | $1.7B | 0.2% |
| 47 | Nebraska | $1.2B | 0.1% |
| 48 | Washington D.C. | $1.1B | 0.1% |
| 49 | Rhode Island | $850M | 0.1% |
| 50 | Hawaii | $590M | 0.1% |
| 51 | Montana | $130M | 0.01% |
Texas attracted $158 billion in investment, led by Samsung’s $44 billion chip facility. Beyond semiconductors, the state is also seeing strong inflows into data centers and clean energy, reinforcing its position as one of America’s top investment hubs.
Automakers are also investing heavily in the Southeast. Toyota is building a $13.9 billion EV battery plant in North Carolina, while Hyundai is investing $12.7 billion in Georgia, cementing the region’s role in EV supply chains.
The States Being Left Behind
Beyond the top tier, investment levels drop off quickly. While leading states are attracting tens—or even hundreds—of billions, many others are seeing only modest inflows.
Overall, 20 states attracted less than $5 billion each, with Montana ($130 million), Hawaii ($590 million), and Rhode Island ($850 million) ranking at the bottom.
Many of these states have smaller labor pools that limit their ability to support large-scale projects. Meanwhile, higher-cost states like Oregon and Minnesota face regulatory pressures that may be limiting their ability to capture more investment.
Instead, foreign investment is increasingly clustering in states that can support large-scale industrial projects—particularly in semiconductors, EVs, and clean energy—leaving much of the country on the sidelines.
Learn More on the Voronoi App
To learn more about this topic, check out this graphic on the share of U.S. exports by state.