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Growth Rates for Upstate New York Based Global Companies Nearly Triple that of Domestic Peers; Outpaces U.S. GDP
New research report reveals that a diversified overseas customer base increases revenue and buoys regional businesses
29 January 2013>
New York, NY - International companies headquartered in Upstate New York have performed significantly better than their domestic peers over the past five years, according to a new report commissioned by HSBC Bank USA, N.A. (HSBC) and the World Trade Center Buffalo Niagara. 'HSBC Spotlight on U.S. Trade,' the first in a series of U.S. reports and analyses of publicly-traded companies in key regions around the U.S., shows that between 2007-2011, global businesses based in Upstate New York achieved almost three times the growth rates and earned over 10 per cent more in revenue than domestic businesses in the area.
The inaugural HSBC Spotlight on U.S. Trade report was conducted to investigate the impact of international trade on the top 30 publicly-held companies in Upstate New York (Rochester, Syracuse, Buffalo-Niagara Falls, and the Capital District) based on historical revenue data. Key findings from the report show that Upstate New York businesses operating internationally are:
- Growing revenue faster: Global companies in Upstate New York saw revenue grow at an average rate of 4.59 per cent from 2010 to 2011, while their domestic peers expanded by only 1.69 per cent over the same period.
- Earning more: In 2011, global businesses earned $2.67 billion more in revenue than domestic businesses in the region.
- Increasing the revenue gap: The gap between global and domestic companies has been widening since 2008, with global companies earning 13 per cent more in revenue on average over the last five years.
Kevin Quinn, HSBC's Head of Corporate Banking for Upstate New York, said, "The report's findings are consistent with what we fundamentally believe at HSBC, which is that an overseas customer base can insulate you from domestic market fluctuations and helps harness the potential and growth of emerging global economies."
Chris Johnston, President, World Trade Center Buffalo Niagara said, "Upstate New York has a rich history and connection with international trade, dating back to the construction of the Erie Canal. We advocate a continuation of that tradition, which opens doors and allows our local business community to flourish."
As part of the report, researchers spoke with top executives from Columbus McKinnon, Constellation Brands, Ecology and Environment, Inc., and Moog, who shared their stories of expanding and operating overseas. The executives offered advice for companies considering global development, universally urging a prudent, measured approach to entering a new market. Gaining a deep understanding of the culture, conducting thorough research and enlisting a range of local experts were also common recommendations for companies thinking of expanding overseas.
For further information or to download the full report, visit: us.hsbc.com/spotlightuny
Notes to editors:
HSBC Bank USA, National Association, with total assets of $196bn as of 30 September 2012 (US GAAP), serves 3 million customers through retail banking and wealth management, commercial banking, private banking, asset management, and global banking and markets segments. It operates more than 250 bank branches throughout the United States. There are over 165 in New York State as well as branches in: California; Connecticut; Delaware; Washington, D.C.; Florida; Maryland; New Jersey; Pennsylvania; Oregon; Virginia; and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a member of the FDIC.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,721bn at 30 September 2012, the HSBC Group is one of the world's largest banking and financial services organisations.
World Trade Center Buffalo Niagara is an international business development organization that offers worldwide membership affiliation and helps companies expand internationally, find new markets, and increase competitiveness. WTCBN is part of a network of 300 World Trade Centers in over 100 countries and uses its distinct consulting capabilities to strengthen the competitive international position of companies in Western New York, the Southern Tier, the Finger Lakes, and southern Ontario. Information online at www.wtcbn.com
- Neil Brazil
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