Investment Heroes 2020
Given the ongoing pandemic, capital investment is more important than ever before. Hundreds of billions of dollars of investment by broadband providers enabled the U.S. Internet to respond magnificently to soaring demand when the pandemic hit. On the other hand, some of the sectors that have struggled the most—such as medical equipment and supplies and food production and processing—have suffered from a shortfall of investment.
To emphasize the importance of capital spending for wages and growth, each year the Progressive Policy Institute publishes our list of U.S. “investment heroes”: The companies who are investing the most in America. Currently, accounting rules do not require companies to report their U.S. capital spending separately. To fill this gap in the data, we created a methodology using publicly-available financial statements from non-financial Fortune 150 companies to identify the top companies that were investing in the United States.
The list below gives the top 20 nonfinancial non-energy companies, ranked by US capital expenditure in the latest fiscal year (Our methodology is described in last year’s report. In particular, page 15 of that report describes adjustments made for particular companies).
We note that 10 out of the top 11 companies on this list are either broadband providers or tech/ecommerce companies. Out of those ten, the broadband providers invested $52 billion in the United States in their most recent fiscal year, while the tech/ecommerce companies invested $86 billion.
|U.S. INVESTMENT HEROES: TOP NONFINANCIAL NON-ENERGY COMPANIES|
BY ESTIMATED U.S. CAPITAL EXPENDITURE*
|Estimated U.S. Capital Expenditures, millions ($)*|
|Delta Air Lines||4,936|
|United Parcel Service||4,793|
|United Continental Holdings||4,528|
|American Airlines Group||4,268|
|*Based on most recent fiscal year|
|**Estimated based on 7/22 earnings report. Will be revised when 10K is released|
|Data: Corporate reports; PPI estimates|
(Analysis by Elliott Long and Michael Mandel).