FT News Briefing The best US cities for foreign investment
4 snips
Nov 7, 2023 WeWork's bankruptcy highlights the pitfalls of prioritizing rapid growth. PwC announces significant job cuts in the UK, reflecting shifts in the accounting landscape. Houston emerges as the top U.S. city for foreign investment, thanks to its favorable economic conditions. The Inflation Reduction Act is reshaping foreign investment, particularly in the electric vehicle sector, with major investments from companies like Toyota. This discussion uncovers the evolving dynamics of business strategies and investment trends in the U.S.
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WeWork's Downfall
- WeWork, once valued at nearly $50 billion, filed for bankruptcy.
- The company's expensive long-term leases and short-term rentals proved unsustainable, especially after the pandemic.
WeWork's Business Model Flaw
- WeWork's business model resembled a bank, with long-term leases and short-term rentals.
- This mismatch became problematic when office values dropped and pandemic-related changes occurred.
Houston's All-Around Appeal
- Houston won the FT's ranking of best U.S. cities for foreign investment.
- Its strengths include a strong workforce, a large port, and an effective economic promotion authority.