BIRMINGHAM, England

Ireland has become the fifth-largest source of foreign direct investment in the United States, with Irish companies holding a record $389 billion in cumulative investments, according to figures released Wednesday by Enterprise Ireland.

The announcement comes ahead of a Washington visit by Irish Prime Minister Micheál Martin for meetings and events linked to St. Patrick’s Day next week.

Data from the US Bureau of Economic Analysis show Ireland was also the largest source of new investment spending in the United States in 2024, accounting for $30.1 billion.

Irish companies play a major role in the US economy. The 10 largest Irish investors employ more than 125,000 people across the country, according to Enterprise Ireland.

Martin said the figures reflect the strength of the economic relationship between the two countries.

“Irish investment in the United States has reached historic levels,” he said in a statement, adding that Irish companies are supporting jobs and innovation across American industries.

Several Irish firms also announced plans for additional investment in the United States.

Packaging company Smurfit Westrock said it plans to invest about $1 billion annually in the US over the next five years. Building materials manufacturer Kingspan forecast roughly $1 billion in capital spending over the same period.

Nutrition company Glanbia said it will expand production capacity in the United States, including projects in New Mexico and Ohio.

Travel-retail operator Applegreen said it will invest $70 million to build new highway service areas in Colorado, creating about 400 jobs, while technology firm Tines plans to add 100 jobs in Boston over the next year.

Enterprise Ireland said the United States remains the most important export market for Irish companies and a key destination for expansion.