Economic Impact of Hyundai in the United StatesDownload Now
This study estimates the economic impact in 2011 of Hyundai’s U.S. operations on the U.S. economy. In addition to the direct workers employed by Hyundai in all of its U.S. operations, many more people are needed to supply the goods and services that are directly or indirectly related to the operations of a motor vehicle company, or have jobs that are supported when the direct and indirect workers spend their paychecks in their communities. The report finds the following jobs are supported by Hyundai’s manufacturing operations and Hyundai’s dealership operations:
A total of 94,400 private sector jobs, and $5.9 billion in annual wages and salaries, are generated as a result of Hyundai’s total U.S. operations.
Of the total jobs, 33,300 private sector jobs are created as a result of Hyundai’s direct employment in its manufacturer-related activities in the United States. Associated wages and salaries are estimated at $2.4 billion.
The remaining 61,100 private sector jobs are generated by Hyundai’s dealerships in the United States. The associated wages and salaries are estimated at approximately $3.5 billion.
Hyundai manufacturing and Hyundai dealership operations contribute more than $7 billion to the U.S. economy (as defined by Gross Domestic Product or GDP).
In this analysis, Hyundai’s manufacturing-related U.S. operations are defined as manufacturing, marketing, distribution, research, development, design, headquarters, and all other operational activities within the company, as well as employment at Hyundai affiliates. The direct employment at Hyundai and affiliate facilities totals 5,199 employees, and it is estimated that this direct employment supports 9,100 indirect jobs and 19,000 spin-off jobs. The total is 33,300 jobs in the U.S. economy that are supported by Hyundai’s operations, associated with total annual compensation of nearly $2.4 billion.
There are 28,000 direct jobs for people who sell and service new Hyundai vehicles. From the direct sales and service employment, it is estimated that an additional 10,600 indirect jobs and 22,500 spin-off jobs are supported; these combined sum to 61,100 jobs in the U.S. economy that are supported by Hyundai’s sales and service operations, and a total annual associated compensation of nearly $3.5 billion. Hyundai Economic Impact 2011 CAR • 2
This study confirms that Hyundai’s U.S. operations are creating and retaining jobs thereby having a large impact on the U.S. economy. U.S. auto industry jobs that are related to Hyundai tend to be very well-compensated, leading to higher than average household spending and tax payment impacts.Download Now