US Export Plan

Priority State profiles

Introduction

This section of the report provides detailed overviews of each of the top five priority states overall including key information on the state’s economic landscape, regulatory environment and the specific sectors or areas of export opportunity for Scotland in that state. They also identify state‑specific barriers and risks that Scottish exporters should be aware of, along with other relevant considerations such as international agreements or MoUs with the UK (where applicable) and industry engagement events of interest to Scottish businesses.

California

California represents a significant market within the United States, with some of the country’s leading companies based there and globally leading clusters of key industries.

Key stats

Total population: 39.43 million

Ease of doing business (rank): 23rd

Consumer spending per capita: $67,565

Total GDP: $3,377,264 m

GDP rank: 1st

Data sources: Population – US Census Bureau (2024); Consumer Spending per capita – US Bureau of Economic Analysis (2024); Total GDP – US Bureau of Economic Analysis (Q2 2025); Ease of Doing Business Index - CNBC (2024)

State ranking

California ranks as follows across each of the areas in the Sector-to-State Matrix:

General: 2^nd

Food & Drink: 1^st

Space: 1^st

Financial & Business Services: 1^st

Renewables & Low-carbon: 1^st

Engineering & AM: 1^st

HealthTech & Digital Health: 1^st

FinTech: 2^nd

Pharmaceutical Services: 1^st

If the state ranks between 1 and 5 in any given sector, that sector is then examined in greater detail in the tables provided in the section below titled “Exporting opportunities for Scotland by sector.”

International agreements and MOU’s

Specific to the Energy sector and tackling climate change, California and Scotland have an agreement in place to work together to achieve the ambitions set out in the Under2 MoU. This is a climate agreement where:

• Both subnational governments committed to ambitious joint climate action.
• Agreement focuses on sharing best practices to reduce greenhouse gas emissions.
• Collaboration includes advancing renewable energy deployment, including offshore wind.
• Partnership aims to strengthen and influence global climate ambition through coordinated leadership.

Further ratification came in Feb 2026 through the signing of a new UK-California MoU with shared objectives in relation to addressing climate change, promoting sustainable development, protecting the natural environment and promoting responsible innovation.

Regulatory environment

• Californias regulatory environment is considered among the most comprehensive and stringent in the US^[26] – particularly in med-tech (FDA regulations), energy and environmental compliance.
• California has a higher state-level sales tax rate than any other state, at 7.25%. However, the combined state and average local sales tax rate of 8.98% gives California the 7^th highest rate overall across the country.
• California adopted corporate GHG and climate‑risk disclosure requirements for large companies (including non-US companies) doing business in the state beginning in 2026. Strong sustainability performance will become a key competitive differentiator in the California market.

Exporting opportunities for Scotland by sector

Overall, California has been ranked as the top state for a range of sectors according to results combining market potential and competitiveness. The tables below provide summaries for each sector in terms of key hubs, state strengths and barriers/risks plus other considerations, include engagement opportunities or any specific MOUs.

Food & Drink

California rank: 1

Key sector hubs: Los Angeles, San Francisco, Napa Valley, San Diego

State strengths

• Largest F&D market with highest sales, GDP impact and VC activity
• Major importer of UK F&D, including 2nd highest UK seafood imports
• High consumer spending with strong premium markets in LA and San Francisco
• Large concentration of top‑end dining (incl. 87 Michelin‑starred restaurants)

Barriers/risks

• Strong price competition
• Stricter local liquor laws in some jurisdictions
• High import competition from major exporting nations
• Specific state labelling and packaging rules (Prop 65, recycled‑content mandate, bottle bill)

Other considerations

Examples of importers/distributers based in the state include: Primizie Foods, Inc; Rocky’s Food Distributers (LA/San Diago); Fieldsource Food Systems (Brea); Deco Food Service (Needles); Calvada Food Sales (Sacramento); Macar Foods (Southern CA); Atalanta Corporation – large importer of speciality, imported food products

Sector engagement opportunities: Winter Fancy Food Show (Jan 17-19 2027, San Francisco), Natural Products Expo West (Mar 2-5 2027, Anaheim)

Space

California rank: 1

Key sector hubs: Los Angeles / El Segundo, Santa Barbara County (Vandenberg Space Force Base), Hawthorne (SpaceX Headquarters), Long Beach (emerging “new space” cluster)

State strengths

• Largest and most established US space ecosystem with strong aerospace and defence
• Home to major commercial players including SpaceX and Planet Labs, with a dense cluster of primes and startups
• Deep talent pool supported by leading institutions such as Caltech, Stanford and UC Berkeley
• Broad capabilities across satellites, launch, propulsion and space‑based communications
• Significant private investment and strong VC presence driving rapid innovation

Barriers/risks

• Highly competitive ecosystem dominated by major primes and commercial giants
• High operating and specialist‑talent costs
• Strict federal export controls (ITAR/EAR) creating compliance barriers
• Large programme scale favouring well‑capitalised firms
• Limited access to space‑ready testing infrastructure without US brokers

Other considerations

Sector engagement opportunities: Space Tech Expo USA (June yearly, Anaheim)

Other: California does not maintain its own standalone space‑specific regulatory framework as most regulation in this sector is at a federal level.

Financial & Business Services

California rank: 1

Key sector hubs: San Francisco, Los Angeles, Silicon Valley (South Bay region)

State strengths

• Major hub for digital payments, blockchain and tech‑enabled financial services
• Silicon Valley drives innovation through dense investor networks and strong FinTech ecosystem
• LA strengths in real estate finance, venture capital and entertainment‑aligned financial services
• Large, affluent consumer market supporting strong B2C demand
• Leading sustainable‑finance market with strong ESG adoption and regulatory drivers
• Extensive financial services base across banking, insurance, asset and wealth management

Barriers/risks

• Highly competitive market dominated by major financial institutions and FinTechs
• Very high operating and specialist‑talent costs
• Complex regulatory environment with strict state‑level consumer and data‑privacy rules
• Licensing requirements for financial and FinTech services creating entry barriers
• More demanding ESG‑related disclosure and compliance expectations than in other states

Other considerations

Sector engagement opportunities: CBA Live (March yearly, different states but 2026 was in San Diego), FPA NorCal Conference (end of May yearly, San Francisco)

Renewable & low-carbon energy

California rank: 1

Key sector hubs: Humboldt Bay (offshore wind), The Geysers (Geothermal), Los Angeles (specifically Port of Long Beach)

State strengths

• 100% clean energy target by 2045
• Most planned clean energy projects of any US state
• Major investment in port and grid upgrades, including Humboldt Bay
• Emerging hydrogen leader with extensive incentives
• Highest renewable‑energy VC activity nationally
• Largest US floating wind potential

Barriers/risks

• Permitting and domestic‑content requirements
• Policy uncertainty and delays for offshore wind and hydrogen projects
• Complex hydrogen regulatory landscape
• Strict RPS eligibility rules for renewable power and RECs
• Projects must comply with CEQA environmental requirements

Other considerations

Sector engagement opportunities: AESP Annual Conference & Expo (Feb/March yearly, different states but 2026 was in San Diego), Urban Renewable Energy Summit (mid-April, LA), The Future Energy Summit (Feb 22-24 2027, LA)

MOU: Scotland-California Under2 MoU – prioritising sharing best practices on reducing emissions, expanding renewables (like offshore wind), and influencing global climate ambition. UK-California MoU signed in Feb 2026 with shared objectives in relation to addressing climate change, promoting sustainable development, protecting the natural environment and promoting responsible innovation.

Other: California is enacting revisions to CEQA under AB 130 and SB 131^[27].

Engineering & Advanced Manufacturing

California rank: 1

Key sector hubs: San Francisco Bay area, Los Angeles, San Diego (defence and biotech)

State strengths

• Major tech hub anchored by Silicon Valley
• Strong technology‑driven manufacturing base
• Major ports and significant net‑zero investment driving subsea and marine engineering demand
• Highest VC activity in engineering and advanced manufacturing
• Largest concentration of relevant businesses nationally

Barriers/risks

• Restrictions on engineering business structures (e.g., LLC limitations)
• Policy uncertainty around renewable projects affecting subsea opportunities
• Dual Certificates of Authorization required for engineering + land surveying firms
• Very expensive and highly competitive market

Other considerations

Sector engagement opportunities: MD&M West (early Feb yearly, Anaheim)

Health-tech & Digital Health

California rank: 1

Key sector hubs: San Francisco (UCSF & Bay Area), Silicon Valley (San Jose, Santa Clara, Redwood City region), Los Angeles

State strengths

• Global digital health hub with strong VC networks and startup culture
• Bay Area strengths in AI, data science and tech‑enabled healthcare
• Deep technology and engineering workforce concentrated around Silicon Valley
• Leading science and tech universities driving HealthTech and AI diagnostics
• Major BioTech and MedTech clusters in San Diego and strong clinical networks in Los Angeles
• Highest US concentration of HealthTech VC deals supporting rapid scale‑up
• Early adoption of AI diagnostics across major health systems
• Scale and diversity across digital health, MedTech and AI‑enabled care

Barriers/risks

• Extremely competitive ecosystem across digital health, MedTech and AI‑health
• Very high operating and specialist‑talent costs
• Complex regulatory landscape (FDA, HIPAA, state‑level privacy and telehealth rules)
• Lengthy, costly FDA approval pathways for devices and AI‑driven tools
• California‑specific data‑handling requirements increasing compliance burden
• High evidentiary expectations for AI diagnostics
• Large health systems tend to favour established vendors

Other considerations

Sector engagement opportunities: Annual Cooley Healthtech Conference (end of April/start of May yearly, Palo Alto), Health Evolution Summit (April 6-8 2027, Laguna)

FinTech

California rank: 2

Key sector hubs: San Fransico (including Silicon Valley) and Los Angeles

State strengths

• San Francisco Bay Area is considered a global epicentre of technology and innovation with strong FinTech adoption and venture capital access.
• Highest FinTech VC deals of any state and continued growth over recent years
• Very high GDP in Financial and business services
• Strong FDI inflows in FinTech

Barriers/risks

• High operation costs
• Highly competitive FinTech market with large established incumbents
• Strict data privacy rules e.g. the California Consumer Privacy Act (CCPA)
• Lacks regulatory sandbox

Other considerations

Sector engagement opportunities: FinTech Retreat (end of Jan/start of Feb yearly, San Francisco), FinovateSpring (early May yearly, San Diego)

Pharmaceutical Services

California rank: 1

Key sector hubs: San Francisco Bay Area, San Diego, Los Angeles–Ventura Region

State strengths

• Largest US pharma and life sciences base with 8,791 companies
• Major pharma HQs and R&D centres, including Amgen and Gilead
• San Francisco biotech hub supported by Stanford and Silicon Valley capital
• Five leading science and tech universities driving advanced R&D
• Highest pharma VC activity nationally (444 deals)
• Strengths in genetic engineering, cell therapy, biologics and AI‑enabled drug discovery
• Major biologics manufacturing capacity, incl. Genentech Vacaville
• Large clinical‑trial footprint with strong patient access
• Deep scientific talent and high‑growth startup ecosystem

Barriers/risks

• Intense competition across biotech, pharma and CDMO/CRO services
• Very high operating and specialist‑talent costs
• Large clusters favour well‑capitalised firms, limiting visibility for smaller entrants
• Complex, resource‑heavy FDA pathways for biologics and advanced therapies
• US focus on supply‑chain resilience increases scrutiny on foreign suppliers
• Reliance on entrenched distributors (McKesson, Cardinal Health, AmerisourceBergen)
• High expectations for digital, AI and data‑management capability
• Competitive VC landscape with strong preference for US‑based companies

Other considerations

Sector engagement opportunities: J.P. Morgan Healthcare Conference (mid Jan yearly, San Francisco); Pharma Supply Chain & Logistics Innovation Programme (PSIP) USA (March yearly, different locations in California)

Key competitor countries

Trade data shows that California imports predominantly from major Asia‑Pacific and North American manufacturing economies, which supply high‑value goods across electronics, machinery, vehicles, digital equipment, and other advanced manufactured items. These suppliers therefore compete directly with Scottish exporters in many technology‑driven or engineering‑related sectors such as Engineering and Advanced Manufacturing and FinTech. Overall, China, Taiwan and Vietnam account for the highest levels of imports into California. Within Europe, Germany and Italy account for some of the highest value of imports. Additionally, California imports heavily from neighbouring trade-agreement partners such as Mexico (cars and electronics) and Canada. Ireland increasingly poses competition to Scottish companies across several areas, including digital innovation, engineering, and some food and drink categories (e.g. premium whisky). Ireland is pursuing an aggressive, coordinated, and well‑resourced trade‑and‑investment strategy on the US West Coast, led jointly by Enterprise Ireland (EI) and IDA Ireland. Ireland’s constant ministerial presence and new Silicon Valley office makes a visible political footprint that Scotland currently lacks^[28].

Texas

Texas is the leading destination for foreign direct investment capital expenditure in the United States over the past two decades, attracting more FDI than any other state, supported by a highly business‑friendly environment that includes no corporate or personal income tax and a pro‑investment regulatory climate.

Key stats

Total population: 31.29 million

Ease of doing business (rank): 3rd

Consumer spending per capita: $54,060

Total GDP: $2,272,749 m

GDP rank: 2st

Data sources: Population – US Census Bureau (2024); Consumer Spending per capita – US Bureau of Economic Analysis (2024); Total GDP – US Bureau of Economic Analysis (Q2 2025); Ease of Doing Business Index - CNBC (2024)

State ranking

Texas ranks as follows across each of the areas in the Sector-to-State Matrix:

General: 3^rd

Food & Drink: 4^th

Space: 2^nd

Financial & Business Services: 5^th

Renewables & Low-carbon:2^nd

Engineering & AM:2^nd

HealthTech & Digital Health: 3^rd

FinTech: 5^th

Pharmaceutical Services:2^nd

If the state ranks between 1 and 5 in any given sector, that sector is then examined in greater detail in the tables provided in the section below titled “Exporting opportunities for Scotland by sector.”

International agreements and MOU’s

UK-Texas SMC: Signed 13 March 2024, this Statement of Mutual Cooperation (SMC) sets out mutual goals to strengthen economic ties between the UK and Texas. Priority sectors for focus and cooperation are: energy solutions (including hydrogen, CCUS and energy storage), health and life science, supply chains and critical minerals, advanced technologies aerospace, infrastructure, transport services and professional business services (including financial and legal)

Regulatory environment

• Texas is widely regarded as one of the most business‑friendly regulatory environments in the US, characterised by no corporate or personal income tax, streamlined permitting, and a long‑standing pro‑enterprise policy agenda.
• Texas’ state‑level sales tax rate is 6.25%, ranking 13th nationally. When combined with the average local rate of 1.95%, Texas has a total average combined sales tax rate of 8.20%, placing it 14th highest among US states. ^[29]
• Regulation in Texas is comparatively light-touch, with emphasis on reducing barriers for new business activity and encouraging investment. The state is known for rapid permitting processes, predictable regulatory frameworks, and strong legal protections for businesses.

Exporting opportunities for Scotland by sector

Texas has the highest FDI amongst all states and therefore has selective strengths in a number of sectors according to results combining market potential and competitiveness. The tables below provide summaries for sectors where this state has particular strengths in terms of key hubs, state strengths and barriers/risks plus other considerations, include engagement opportunities or any specific MOUs.

Food & Drink

Texas rank: 4

Key sector hubs: Austin, North Texas (Dallas-Fort Worth), Houston

State strengths

• One of top-three spirits markets by volume and value in the US
• Very high UK imports in beverages
• High value food and drink sales ($137.8bn)
• High spirits consumption – with strong demand for premium and super-premium categories
• UK-US MOU in place
• Strong logistics hub

Barriers/risks

• Allows local jurisdictions to classify whether it is "wet" or "dry," and does not limit how that decision shall be made.
• Demands competitive pricing
• Premium whisky growth persists, but broader whisky category shows mixed trends.
• Additive warning law for packaged foods containing certain additives (from 2027)

Other considerations

Examples of importers/distributers based in the state include: Favourite Brands, Mexcor International, Ben E. Keith Foods, Andrews Distributing.

Sector engagement opportunities include: Fort Worth Food + Wine Festival (early April yearly, Fort Worth), Texas Food Championship (September 25–27, 2026, Corpus Christi), Shef Food + Wine Festival (2026 dates TBA, Grand Prairie), Texas Restaurant Show (July 12–13, 2026, Houston), Innovations Trade Show (April yearly, Houston), Taste of Italy Houston 2.0 (March yearly, Houston)

Space

Texas rank: 2

Key sector hubs: Houston, Boca Chica (South Texas), McGregor (Central Texas), Bastrop

State strengths

• Large space clusters and supported international space exploration for many decades
• Major national hub anchored by NASA Johnson Space Center and decades of human‑spaceflight leadership.
• Significant launch, rocket testing, and commercial spaceport capabilities, including operations by SpaceX and other private players.
• Deep aerospace workforce with established engineering talent and strong university–industry pipelines.
• Large, mature ecosystem of prime contractors, supply‑chain partners, and venture investment, enabling scale and rapid commercial deployment.

Barriers/risks

• Strong competition from major launch providers and aerospace primes operating in the state
• High barriers to entry due to large‑scale NASA‑linked programmes centred around the Johnson Space Center
• Preference for partners with proven US launch, testing or mission‑support experience
• Costs associated with meeting federal export controls and aerospace compliance requirements remain significant

Other considerations

Sector engagement opportunities: Texas Space Summit 2026 (September 21–23, 2026, San Antonio), Spaceflight Human Optimization & Performance Summit (SHOP‑2X) (end of April/start of May yearly, Houston)

Financial & Business Services

Texas rank: 5

Key sector hubs: Dallas Fort Worth, Austin, Plano & Westlake

State strengths

• Major national financial hubs in Dallas–Fort Worth and Houston, hosting banks, insurers, private equity, and Fortune 500 corporate services centres.
• Business‑friendly regulatory and tax environment that consistently attracts financial back‑office, HQ, shared‑service, and outsourcing operations.
• Deep and scalable workforce across accounting, consulting, risk, compliance, analytics, and tech‑enabled business services.
• High corporate growth and sector demand, driven by Texas’s expanding energy, healthcare, technology, and logistics industries, creating significant procurement opportunities for service providers.

Barriers/risks

• Highly competitive market with rapid growth in Dallas–Fort Worth and strong domestic financial institutions
• Preference for firms with established US presence due to scale of corporate and commercial banking activity
• Complex regulatory landscape including state‑specific licensing and compliance expectations
• Intense competition for specialist finance and tech skills as the sector expands

Other considerations

Sector engagement opportunities: TEXPO - Treasury & Financial Management Conference (April 17–20 2027, Austin), Convergence – TXCPA Dallas Annual Conference (April/May yearly, Dallas), Texas Bankers Association Annual Convention 2026 (April/May yearly, different locations in Texas), FPA GATHER 2026 – National FPA Event (August 18–20, 2026, Dallas), Austin Family Office & High Net Worth Conference (September 23, 2026, Austin), LEND360 – Online Lending & FinTech Summit (October 12–14, 2026, Austin), Community Bank & FinTech Roundup (FedFis) (November 4–6, 2026, Fredericksburg)

Renewable & low-carbon energy

Texas rank: 2

Key sector hubs: Houston CCS hub, West Texas (Onshore wind), Gulf coast (Hydrogen and CCUS)

State strengths

• Part of large-scale CCS hub
• Strong pipeline network
• Approved Class VI primacy (relevant for carbon storage) – accelerates project approvals
• Ambition to be 50% renewable by 2030
• Attracting companies in next generation geothermal
• 2^nd highest number of energy VC deals of all states
• Significant wind power in West Texas

Barriers/risks

• Foreign entity restrictions
• BABA compliance
• Texas has a deregulated electricity market (ERCOT)
• Price volatility
• Highly competitive domestic market - dominated by large US energy companies

Other considerations

Sector engagement opportunities: Grid Investment Summit (May yearly, Austin), Energy Projects Conference (EPC Expo) (June 16–17, 2026, Houston), 7th Texas Energy Forum 2026 (August 26–27, 2026, Houston), Texas Clean Energy Summit 2026 (August 2026, Austin- dates TBA), Houston Energy & Climate Week (September 13–18, 2026, Houston), ASES SOLAR 2026 – Solar for All, Y’all (October 19–21, 2026, Austin)

UK-Texas MOU: Includes focus and co-operation on new and emerging innovative energy solutions, including hydrogen, carbon capture, utilisation and energy storage.

Major renewable/low-carbon developers in area include: Chevron, Equinor, TotalEnergies, Orsted, ExxonMobil, BKV corporation, Stratos

Engineering & Advanced Manufacturing

Texas rank: 2

Key sector hubs: Houston, Central Texas/Austin (high-tech manufacturing, semiconductors), Dallas Fort Worth (aerospace, automotive, defence), San Antonio (automotive)

State strengths

• Considered a manufacturing powerhouse and hub for cutting-edge manufacturing innovation.
• Major semiconductor hub (no.1 in US for semiconductor manufacturing capacity)
• Additive manufacturing gaining traction
• Texas Semiconductor Innovation Fund (TSIF)
• Significant volume of VC deals in Engineering and Advanced manufacturing

Barriers/risks

• Onboarding licensed engineers can be required
• Some skills gaps in workforce
• Strong domestic competition, particularly in semiconductor fabrication.
• Preference for local suppliers

Other considerations

Sector engagement opportunities: North American Manufacturing Excellence Summit (NAMES) (April yearly, different locations in Texas), Connected Worker & Smart Manufacturing Summit (June 11–12, 2026, Houston), Energy Projects Conference & Expo (EPC Show) (June 16–17, 2026, Houston), Smart Manufacturing & Automation Convention 2026 (August 18-20 2026, Dallas)

UK-Texas MOU: Prioritises co-operation on sectors relevant to Engineering and Advanced manufacturing including advanced technologies, aerospace, infrastructure and health and life sciences.

Advanced manufacturing companies with a strong presence in Texas: Tesla, Samsung, Toyota, Dell Technologies, Lockheed Martin, Textron

HealthTech & Digital Health

Texas rank: 3

Key sector hubs: Houston, Austin, Dallas Fort Worth

State strengths

• World‑class medical ecosystem, anchored by the Texas Medical Center (Houston), the largest medical complex globally, driving constant demand for clinical innovation.
• Strong digital‑health adoption environment, with major health systems investing in AI, remote care, telehealth, and connected‑care platforms at scale.
• Deep talent and R&D base across biomedical engineering, AI/ML, clinical innovation and applied health data science (Houston, Austin, Dallas).
• Fast‑growing healthtech commercial cluster, with active VC, accelerators, and hospital‑innovation programmes supporting rapid piloting and procurement.

Barriers/risks

• Highly competitive ecosystem centred around major hospital systems and strong US‑based HealthTech players
• Regulatory and procurement processes influenced by large private health networks, making entry harder for new overseas firms
• Strong local preference for partners with existing clinical relationships in Houston, Dallas or Austin ecosystems
• Increasing expectations for evidence‑based outcomes and integration with large‑scale hospital infrastructure

Other considerations

Sector engagement opportunities: Healthcare Innovation Summit (October 15 2026, Houston), THCA Annual Convention & Trade Show (September 22–25, 2026, Dallas)

FinTech

Texas rank: 5

Key sector hubs: Dallas-Fort Worth, Austin, Houston (emerging)

State strengths

• Resilient and dynamic tech hub with strong FinTech growth and a business-friendly environment
• Very high adoption rate of mobile banking
• Strengths in Payments and WealthTech.
• Hosts SXSW Conference – showcasing innovation for tech and FinTech firms
• Texas Department of Banking offers state-chartered bank licenses
• UK-Texas Statement of Mutual Cooperation – with strong support for emerging technologies

Barriers/risks

• High competition in blockchain
• Legally volatile producing some uncertainty
• Lacks regulatory sandbox
• Must comply with Texas Data Privacy and Security Act (TDPSA) on top of federal requirements
• Some FinTech firms may need to be registered with the Texas Department of Banking

Other considerations

Sector engagement opportunities: LEND360- Online Lending & FinTech Summit (October 12–14, 2026, Austin), Community Bank & FinTech Roundup (FedFis Roundup) (November 4–6, 2026, Fredericksburg)

Major exchange operators: Texas is the only state outside NY to host three major exchange operators (NYSE Texas, Nasdaq and Texas Stock Exchange). This creates a concentred capital-market ecosystem and high demand for FinTech innovation.

Pharmaceutical Services

Texas rank: 2

Key sector hubs: Houston, Austin & Greater Austin, Dallas Forth Worth, San Antonio

State strengths

• Texas Medical Center (Houston): world‑leading clinical and biomedical ecosystem, with deep demand for trials, oncology, and advanced therapeutics.
• High concentration of clinical trials and major research institutions, making Texas a significant hub for CRO activity and biomedical innovation.
• Strong commercial and hospital networks, enabling pharma‑service providers to integrate quickly into supply chains and distribution pathways.
• Growing biotech and advanced therapy cluster, supported by accelerators like the UK‑TMC BioBridge and increasing VC interest.

Barriers/risks

• Strong controls on distribution e.g. mandatory wholesale distribution and 3PL licensing through the Texas Board of Pharmacy
• Potential added requirements for controlled substances.
• Evolving biotech ecosystem operating in distinct clusters rather than a singular hub

Other considerations

Sector engagement opportunities: Texas Society of Health-System Pharmacists Annual Seminar (April yearly, different locations in Texas), TPA Conference & Expo 2026 (July 24–26, 2026, The Woodlands/Houston area), Pharmacy Supply Chain Leadership Summit 2026 (March yearly, different states but 2026 was in Houston)

Key competitor countries

Texas maintains extensive international trade relationships through dedicated country profiles and active commercial engagement with key partners such as Canada, Mexico, the UK, Germany, France, Italy, Spain, South Korea, Japan, India, Vietnam, Taiwan, Brazil and Israel. These countries benefit from strong bilateral ties, established foreign corporate footprints, and ongoing investment promotion supported by Texas’ global business outreach. With more than 2,170 foreign corporations operating in the state and Texas ranking as the #1 US destination for foreign direct investment, these competitor nations enjoy mature channels for market entry and procurement access across sectors from life sciences and manufacturing to technology and energy.^[30]

Many of Scotland’s competitor countries maintain formal trade offices, long‑standing commercial partnerships, and targeted support programs that enhance their ability to capture Texas buyers and investment opportunities. Texas’ country profiles highlight structured engagement with partners such as Israel, India, South Korea, Japan, Mexico, and Canada, each leveraging dedicated trade missions, government‑backed market facilitation, and strong logistics links to secure commercial advantage in the state. These countries also benefit from Texas’ strategic global‑trade positioning, including world‑leading port infrastructure and 35 Foreign Trade Zones which amplifies their competitiveness in exporting goods and services into Texas’ fast‑growing industries.^[31]

Florida

Florida represents a significant market within the United States, with some of the country’s leading companies based there and globally leading clusters of key industries. Florida is also noted for being one of the fastest growing states in the US in population.

Key stats

Total population: 23.37 million

Ease of doing business (rank): 5th

Consumer spending per capita: $62,618

Total GDP: $1,389,502 m

GDP rank: 4th

Data sources: Population – US Census Bureau (2024); Consumer Spending per capita – US Bureau of Economic Analysis (2024); Total GDP – US Bureau of Economic Analysis (Q2 2025); Ease of Doing Business Index - CNBC (2024)

State ranking

Florida ranks as follows across each of the areas in the Sector-to-State Matrix:

General: 1^st

Food & Drink: 2^nd

Space: 3^rd

Financial & Business Services: 3^rd

Renewables & Low-carbon: 27^th

Engineering & AM: 5^th

HealthTech & Digital Health: 6^th

FinTech: 1^st

Pharmaceutical Services: 9^th

If the state ranks between 1 and 5 in any given sector, that sector is then examined in greater detail in the tables provided in the section below titled “Exporting opportunities for Scotland by sector.”

International agreements and MOU’s

UK-Florida MOU signed Nov 2023: Aimed at enhancing bilateral trade and economic cooperation between the United Kingdom and Florida. It prioritises cooperation in the space, FinTech, life sciences, supply chains, transport, infrastructure, agricultural biotechnology sectors, legal services and lawtech. It also prioritises other emerging and innovative sectors, such as artificial intelligence and semiconductors.

JAX Hub (Jacksonville): Partnership designed to accelerate financial innovation and attract global investment to northeast Florida. It serves as a key pillar in the UK–Florida FinTech Corridor, building on the 2023 MoU.

Regulatory environment

• Florida’s regulatory environment is considered highly comprehensive in the US, positioning itself as the 11th most regulated state in the US ^[32] – particularly environmental compliance and health services.
• Florida has a relatively average state-level sales tax rate compared to other states, at 6% thus landing at the 17th state highest in state tax ranking. However, the combined state and average local sales tax rate of 6.98% gives Florida the 28th in ranking overall across the country. ^[33]
• Florida offers small business incentive programs to non-US residents. Some programmes include Corporate Income Tax Credit, Capital Investment Tax Credits (CITC), Tax Exemption for Machinery and Equipment Used for Research and Development, Quick Response Training (QRT) grant, and Brownfield Redevelopment Bonus among others. ^[34]

Exporting opportunities for Scotland by sector

Overall, Florida has been ranked as the top state for a range of sectors according to results combining market potential and competitiveness. The tables below provide summaries for sectors where this state has particular strengths in terms of key hubs, state strengths and barriers/risks plus other considerations, include engagement opportunities or any specific MOUs.

Food & Drink

Florida rank: 2

Key sector hubs: Miami and central Florida

State strengths

• Notable UK imports in food and drink (supported by strong seaport network)
• Strong premium food and drink offering (particularly in Miami and central Florida)
• ‘Open’ state
• High consumer spend
• High number of Michelin star restaurants (31)
• Benefits from UK-US MOU
• Very high food and drink sales ($107.3bn)

Barriers/risks

• Specifically allows counties to elect to go dry by public referendum.
• Primary American Source of supply (“PASS”) registration is mandatory: each whisky brand must have a US bottler or exclusive agent registered in Florida.
• Demands competitive pricing

Other considerations

Examples of importers/distributers based in the state include: Examples include; JMA Import & Export, Prime Line Distributors, Seymour International Trade (locate and forms partners with import distributors and global buyers), Elite Worldwide Imports, Delicias Import, British Food Imports, Breakthru Beverage Florida, Eagle Brands Sales, Southern Glazer’s Wine & Spirits of Florida, Republic National Distributing Company (RNDC) - Florida. ^[35] For a more extensive list of public distributors and wholesalers in Florida, European Imports, Inc., broken down by product type, please refer to: distributors-public-by-product-type.pdf.

Sector engagement opportunities: Americas Food & Beverage Show (Sept 14-16 2026, Miami), Deering Seafood Festival (April yearly, Miami-Dade County), South Beach Seafood Festival (Oct 21-24 2026, Miami), Boca Raton Wine & Food Festival (Nov 21 2026, Boca Raton)

Space

Florida rank: 3

Key sector hubs: Orlando, Merritt Island (Hosts Kennedy Space Center), Cape Canaveral (Hosts Cape Canaveral Space Force Station)

State strengths

• Florida has historically had significant launch capability, serving as the primary launch site for US human and commercial spaceflight.
• The Kennedy Space Center and Cape Canaveral Space Force Station have a deep history of rocket launches.
• Key aerospace hub formed in the surrounding region, particularly Brevard County (the Space Coast)
• The area hosts major companies such as SpaceX, Blue Origin, Lockheed Martin, and Northrop Grumman, along with an expanding ecosystem of startups.
• Has two spaceports
• 15 VC deals in Space
• 343,995,489 in NASA Science expenditure
• A great number of space employment, amounting to 2,132

Barriers/risks

• Increasing commercial costs characterised by rapid innovation and competitive pressures
• Federal launch licensing regime impacting administrative design
• Licensing requirements causing delays due to business models requiring frequent testing, iteration and FAA reviews
• Delays from regulatory approvals for industries with high fixed costs, including commercial space launch ^[36]

Other considerations

Sector engagement opportunities: Commercial Space Week (CSW) (11-14 Jan 2027, Orlando)

Financial & Business Services

Florida rank: 3

Key sector hubs: Miami, Tampa, and Jacksonville

State strengths

• Strong and growing financial sector, with Miami sometimes referred to as “Wall Street South,” due to a large migration of financial firms and workers from New York City
• More than 60 international banks operating in Miami, making it the largest concentration of international banking in the US outside of New York City
• Holds clusters of FinTech firms, and investment companies there now as well
• Miami, Tampa, and Jacksonville have emerged as financial hubs, supported by a business‑friendly environment, low taxes, and close ties to Latin American markets

Barriers/risks

• Rapidly growing but increasingly competitive financial market, particularly in Miami’s international banking hub
• Regulatory and tax environment differs significantly from northern financial centres, requiring localised compliance knowledge
• Strong presence of international banks and FinTech firms makes differentiation challenging
• Market expectations for bilingual capability and cross‑border financial expertise due to Latin American links

Other considerations

Sector engagement opportunities: Sibos Miami (Sept 28 – Oct 1, Miami), The United States Business Show (April/May yearly, Miami)

Engineering & Advanced Manufacturing

Florida rank: 5

Key sector hubs: Jacksonville, Tampa Bay area, Orlando, Miami

State strengths

• Advanced manufacturing and aerospace/aviation clusters and emerging semiconductor hub
• Collaborative and supportive ecosystem with growth-orientated agencies and clusters such as FloridaMakes and SpaceFlorida
• 2nd highest number of VC deals in sector
• Very high GDP for Engineering and Advanced Manufacturing
• Very high number of Eng&AM businesses
• UK-Florida MoU in place
• Tax incentives for advanced manufacturing
• Benefits from strong logistics and global market access
• Central Florida Innovation District - fuelling new technologies

Barriers/risks

• Florida Board of Professional Engineers (FBPE) regulates professional engineers
• Good Manufacturing Practices (GMP) Certificates required for certain products such as medical devices.

Other considerations

Sector engagement opportunities: ASTM International Conference on Advanced Manufacturing 2026 (Sept 28 – Oct 1, Orlando), FES | ACEC Florida Annual Conference (July 29 – Aug 1, Westin Cape Coral)

Home to major aerospace leaders: Lockheed Martin, Boeing, L3Harris, Northrop Grumman, and Embraer

FinTech

Florida rank: 1

Key sector hubs: Miami and Jacksonville

State strengths

• Key hubs provide access to banking, payments and crypto
• State-regulated FinTech Sandbox allows firms to test innovative products
• JAX hub in Jacksonville – FinTech corridor linking UK and Florida to foster financial innovation.
• Strong growth in FinTech VC deals between 2020 and 2024
• UK-Florida MOU highlights FinTech as focus for cooperation.
• Central Florida Innovation District - fuelling new technologies

Barriers/risks

• While fast‑growing it has relatively immature FinTech regulatory environment.
• Florida has historically had higher rates of financial fraud, which can lead to increased scrutiny

Other considerations

Sector engagement opportunities: Sibos Miami (Sept 28 – Oct 1, Miami), The United States Business Show (April/May yearly, Miami)

Key competitor countries

Florida primarily imports goods from a handful of major international partners, with China serving as its largest source, following by Mexico, Germany, Canada and Brazil. As Florida’s largest import partner, China has reached approximately $12.6 billion of Florida’s total imports. The state’s top import categories from China include electrical machinery and equipment, along with sound and TV recorders and related parts, which account for $4.3 billion. Florida also imports nuclear reactors, boilers, and other machinery and parts valued at $1.5 billion, as well as toys, games, sporting equipment, and related accessories, totalling $834.2 million.^[37]

Data shows that Germany ranks third of the top importers into Florida, with import value reaching $8.9 billion thus flagging their significance in the market. Their largest imports consist of: Aircraft, space craft, and parts thereof ($2.7 billion); Vehicles other than railway or tramway rolling stock, and parts and accessories ($2.1 billion); and Special classification provisions not elsewhere specified or included ($1.0 billion). It is important to note that one of Florida’s key sectors, Space, largely takes imports from Germany. More specifically, there has been an 146% increase in products from Germany under the HS Code 8802 (Aircraft, Powered; Spacecraft & Launch Vehicles) imported into Florida. Another European country that imports a large number of goods to Florida, ranking at the 8th country with the largest number of imports into the state is France. Imports from France total approximately $4.4 billion, with the breakdown of the largest imported goods compromising of: Aircraft, spacecraft and parts thereof ($960.2 million); Nuclear reactors, boilers, machinery and parts ($694.2 million) and Beverages, spirits and vinegar ($663.5 million).^[38]

New York

New York represents one of the United States’ most influential economic centres, anchoring globally significant strengths in finance, professional services, advanced technology, and life‑sciences innovation.

Key stats

Total population: 19.87 million

Ease of doing business (rank): 22nd

Consumer spending per capita: $66,426

Total GDP: $1,887,394 m

GDP rank: 3rd

Data sources: Population – US Census Bureau (2024); Consumer Spending per capita – US Bureau of Economic Analysis (2024); Total GDP – US Bureau of Economic Analysis (Q2 2025); Ease of Doing Business Index - CNBC (2024)

State ranking

New York ranks as follows across each of the areas in the Sector-to-State Matrix:

General: 5th

Food & Drink: 3rd

Space: 20th

Financial & Business Services: 2nd

Renewables & Low-carbon: 3rd

Engineering & AM: 7th

HealthTech & Digital Health: 2nd

FinTech: 3rd

Pharmaceutical Services: 13th

If the state ranks between 1 and 5 in any given sector, that sector is then examined in greater detail in the tables provided in the section below titled “Exporting opportunities for Scotland by sector.”

International agreements and MOU’s

In April 2025, the Scottish Chambers of Commerce (SCC) signed a key Memorandum of Understanding (MOU) with the Greater New York Chamber of Commerce to boost Scotland-US trade, facilitating market entry, knowledge exchange, and joint missions amidst concerns over US tariffs, supporting Scottish businesses in sectors like tech, food/drink, and AI. This agreement aims to strengthen existing ties, with the US being Scotland's largest single-country export market and a major investor, creating opportunities for Scottish firms to thrive in dynamic US markets like New York. Focus Sectors: Food & drink, technology, creative industries, and AI.

Regulatory environment

• New York is the second most regulated state in the US, with extensive and complex rules across environmental protection, health services, transportation, financial services and labour markets.^[39]
• The state sales tax rate is relatively low at 4.00%, but high local surcharges result in an overall combined average sales tax burden of 8.54%, the 10th highest in the country.^[40]
• New York’s regulatory activity remains active, with ongoing updates to environmental compliance requirements including air quality and clean‑transport regulations that mirror California’s standards and increase obligations for companies operating in the state.^[41]

New York exhibits selective strengths in a number of sectors according to results combining market potential and competitiveness. The tables below provide summaries for sectors where this state has particular strengths in terms of key hubs, state strengths and barriers/risks plus other considerations, include engagement opportunities or any specific MoUs.

Food & Drink

New York rank: 3

Key sector hubs: Manhattan, Brooklyn

State strengths

• Major import gateway with notable UK imports in food and drink
• A diverse and growing fine-dining scene
• Strong premium offering with 70 Michelin star restaurants
• Hub for Scottish food and drink trade shows
• Very high food and drink sales ($98.7bn)
• 2nd highest food and drink VC deals of all states
• Iconic food market: Chelsea Market
• Scotland-US MOU (incl. sector focus on food and drink)

Barriers/risks

• Allows cities and counties to exercise a local option by public referendum whether to go dry.
• Labelling: enforces strict ingredient and allergen labelling under state codes.
• Bottle bill (but excludes spirits)
• Demands competitive pricing

Other considerations

Examples of importers/distributers based in the state include: Gourmet Cargo (Mamaroneck), Citadel Food Inc. (Long Island City, NY), Alma Gourmet (NY), Abrham Natural Foods (NYC), Atlanta Corp (NYC), Allied Importers USA (Brooklyn), MHW Ltd (NY), Woolco Foods (NY)

Sector engagement opportunities: Summer Fancy Food Show (June 28–30 2026, New York City), Specialty Food Buyers Mission at the Summer Fancy Food Show (June 26–27 2026, New York City)

Financial & Business Services

New York rank: 2

Key sector hubs: Lower Manhattan (Financial District), Midtown Manhattan, Greater NYC

State strengths

• World’s leading financial centre with global dominance in capital markets, investment banking, and asset management.
• Home to the NYSE and NASDAQ, plus the headquarters and major operations of top global financial institutions.
• Extremely deep ecosystem across banking, securities, insurance, hedge funds, private equity, and professional services.
• Very high concentration of asset managers, with 146,000+ active advisors and over $400bn AUM managed in‑state.
• Strong pipeline of specialist talent across finance, law, data, risk, and investment supported by major universities and professional hubs.
• High density of financial and business services firms (14,000+), creating strong market demand and collaboration potential.
• Rigorous regulatory ecosystem (e.g. NYDFS cybersecurity rules) reinforcing New York’s reputation for stability, compliance, and institutional trust.

Barriers/risks

• Extremely competitive environment dominated by global financial institutions and major multinationals
• Very high operating and staffing costs in NYC
• Regulatory scrutiny is among the toughest in the US, especially around cybersecurity, data and financial conduct
• Large clients tend to prefer established providers, creating entry barriers for smaller international firms

Other considerations

Sector engagement opportunities: GARP Financial Risk Symposium (March yearly, New York City), AI in Finance Summit (April yearly, New York City)

Renewable & low-carbon energy

New York rank: 3

Key sector hubs: Concentrated off the coast of Long Island and the New York Bight

State strengths

• Strong state-level net-zero ambition – targeting 100% carbon-free electricity by 2040
• Rapidly advancing offshore wind with strong developer presence
• Home to US’s first commercial-scale offshore wind farm
• High number of VC deals signalling robust investor confidence in clear energy solutions, despite federal uncertainty
• Notable grid modernisation programmes underway

Barriers/risks

• Policy uncertainty impacting notable offshore-wind projects (e.g. Empire Wind)
• Renewable projects face rigorous siting, environmental rules, and technical approval processes

Other considerations

Sector engagement opportunities: BNEF Summit New York (April yearly, New York City), NYC Solar + Storage Summit (June 24 2026, New York City), Global Energy Forum 2026 (June 23–24 2026, New York City), Advanced Energy Conference (Nov 4–6 2026, New York City)

Major renewable developers active in state include: Equinor, Orsted, Angrid and Copenhagen Infrastructure Partners, Eversource

HealthTech & Digital Health

New York rank: 2

Key sector hubs: Flatiron District (Manhattan), SoHo & Lower Manhattan, Long Island City (Queens), Brooklyn Tech & Innovation Corridors

State strengths

• Major concentration of world‑class hospitals, academic medical centres, and payer organisations.
• Rapidly expanding digital health ecosystem with strong VC investment momentum (60% rebound; $4bn+ by 2025).
• Strong cluster of AI‑driven health innovation, including diagnostics, predictive analytics and data‑driven care.
• Leading state in telehealth and virtual care delivery, with strong adoption across large health systems.
• Dense network of startups, scale‑ups, and health‑focused investors through organisations like DHNY.

Barriers/risks

• Intense competition from well‑funded digital health startups, major medical centres and strong VC networks
• Large hospital systems often prefer established vendors, making market entry difficult for smaller overseas companies
• High regulatory scrutiny and strong emphasis on data‑driven healthcare require robust evidence and compliance from exporters
• High operating and staffing costs compared with many other US regions

Other considerations

Sector engagement opportunities: NYC Health Innovation Week (May yearly, New York City), C3 Davos of Healthcare - NYC Summit 2026 (Sept 14 2026, New York City)

FinTech

New York rank: 3

Key sector hubs: Greater NYC (city-wide FinTech ecosystem), Midtown Manhattan (Core Fintech corridor), Financial District

State strengths

• Renowned as world’s leading financial centre with dense network of banks, asset managers and FinTech accelerators
• Strengths in WealthTech, RegTech and Payments
• In 2024, overtook San Fransico for FinTech deal counts
• Large network of GlobalScots
• Scotland-New York MoU – supporting regulatory cooperation and innovation exchanges
• High consumer spending per capita

Barriers/risks

• High operational costs
• Most stringent financial regulator in the US (New York Department of Financial Services)
• BitLicense requirements
• Lacks regulatory sandbox

Other considerations

Sector engagement opportunities: FinovateFall (September 9–11 2026, New York City), QA Financial Forum New York (May yearly, New York City), NY FinTech Week- Leadership Summit (Fintech is Femme (April yearly, New York City)

Key competitor countries

Trade data indicates that New York imports heavily from major global manufacturing and innovation economies, with China, Canada, India, France, Italy, Israel, Germany, Switzerland and Ukraine ranking among its top import partners across a wide range of goods categories. These countries supply high‑value products including industrial machinery, electrical equipment, pharmaceuticals, precision instruments, apparel, and advanced manufactured components, placing them in direct competition with Scottish exporters in sectors such as Engineering & Advanced Manufacturing, FinTech‑enabling digital technologies, Pharmaceuticals, HealthTech, and specialised Food & Drink. Regionally, Europe is the single largest source of imports into the New York metropolitan area (≈31% of total import value), while Canada accounts for more than 16%, and Eastern Asia (dominated by China) represents over a quarter of national import flows, reflecting the strength of these competitor markets in technology‑intensive and high‑value supply chains.^{[42] [43]}

Among European peers, Ireland stands out as an increasingly strong competitor, exporting high‑value pharmaceuticals, and specialised manufacturing inputs to New York, making it one of the top 30 import sources for the state. Ireland's competitive position is enhanced by its highly coordinated, well‑resourced US engagement strategy, which mirrors the approach it deploys on the US West Coast: active promotion via Enterprise Ireland and IDA Ireland, targeted ministerial missions, and permanent in‑market representation. Other European countries, notably Germany, Italy, France, Switzerland also maintain significant import footprints in New York, particularly in machinery, luxury goods, precision engineering, pharmaceuticals, and financial‑service‑enabling technologies. ^{[44] [45]}

Illinois

Illinois represents a significant market within the United States, known for its diverse economy, major transportation hubs, and the global city of Chicago.

Key stats

Total population: 12.71 million

Ease of doing business (rank): 15th

Consumer spending per capita: $60,612

Total GDP: $910,911 m

GDP rank: 5th

Data sources: Population – US Census Bureau (2024); Consumer Spending per capita – US Bureau of Economic Analysis (2024); Total GDP – US Bureau of Economic Analysis (Q2 2025); Ease of Doing Business Index - CNBC (2024)

State ranking

Illinois ranks as follows across each of the areas in the Sector-to-State Matrix:

General: 16th

Food & Drink: 5th

Space: 25th

Financial & Business Services: 4th

Renewables & Low-carbon: 6th

Engineering & AM: 10th

HealthTech & Digital Health: 7th

FinTech: 4th

Pharmaceutical Services: 7th

If the state ranks between 1 and 5 in any given sector, that sector is then examined in greater detail in the tables provided in the section below titled “Exporting opportunities for Scotland by sector.”

International agreements and MOU’s

UK-Illinois MOU signed April 2025: The MOU prioritises co-operation in renewable energy and zero and low emissions technology, digital, life sciences, FinTech and financial services, business services including legal, infrastructure, agriculture, workforce development, and automotive including zero-emission vehicles.

Regulatory environment

• Illinois’ regulatory environment is considered stringent, landing as the third most regulated state in the US after California and New York. ^[46]
• Illinois has a state-level sales tax rate of 6.25%, taking 13th in state tax ranking compared to other US states. However, the combined state and average local sales tax rate of 8.96% gives Illinois the 8th highest rate overall across the country. ^[47]
• Illinois is considered business-friendly in the context of taxes, with low corporate taxes and tax-free personal property noted as advantageous to businesses in the state. Services are offered by The Illinois Department of Commerce and Economic Opportunity for companies looking to expand, or locate in the state. ^[48]

Exporting opportunities for Scotland by sector

While Illinois is not as prominent as the other top-performing states overall, the combined market potential and competitiveness results show that it still demonstrates notable strengths in key priority sectors. The tables below provide summaries for sectors where this state has particular strengths in terms of key hubs, state strengths and barriers/risks plus other considerations, include engagement opportunities or any specific MOUs.

Food & Drink

Illinois rank: 5

Key sector hubs: Chicago

State strengths

• Notable UK imports in food and drink
• Strong premium offering (particularly in Chicago)
• High number of Michelin star restaurants
• High food and drink VC deals
• Important logistical hub for food distribution

Barriers/risks

• Commercial importation of alcoholic liquor into Illinois requires a formal importer's license from Illinois Liquor Control Commission (ILCC)
• Seafoods processed, packaged, or held at wholesale in-state must register under Illinois Department of Public Health (IDPH) Manufactured Food programme and undergo inspection.
• Demands competitive pricing

Other considerations

Examples of importers/distributers based in the state include: High Road Wine and Spirits (Chicago), Krinos Foods Chicago (Melrose Park), European Imports (Arlington Heights), Imperial Foods (Melrose Park)

Sector engagement opportunities: USA Trade Testing (annual wine and spirits trade show) (May 2027, Chicago)

Financial & Business Services

Illinois rank: 4

Key sector hubs: Chicago, Bloomington

State strengths

• Global hub for financial risk products and strong academic institutions
• Companies benefit from Illinois’ strong domestic and global connectivity, through strong transportation and logistics with the state airport noted as one of the world’s most connected airports

Barriers/risks

• Competitive financial hub dominated by major exchanges, insurers and investment firms
• Strong local preference for established providers already embedded in Chicago’s financial infrastructure
• High regulatory expectations in sectors like insurance and derivatives, requiring strong compliance capabilities
• Intense competition for specialist financial and data‑driven talent linked to Chicago’s trading and analytics ecosystem

Other considerations

Sector engagement opportunities: MoneyLive North America (Sept 14-15 2026, Chicago)

FinTech

Illinois rank: 4

Key sector hubs: Chicago

State strengths

• Growing FinTech hub in Chicago with companies specialising in trading, technology, payments and lending
• Hosts major financial institutions
• UK-US MOU with FinTech highlighted as a priority
• Offers lower operating costs compared to NY and CA
• Scores well on FDI inflows in FinTech
• High consumer spending per capita ($60,612)

Barriers/risks

• Illinois adopted the MTMA (effective 2026), modernising and tightening requirements for money transmitters
• Competitive FinTech market
• Lacks regulatory sandbox
• VC deals reduced in recent years

Other considerations

Sector engagement opportunities: Instant Payments & Beyond Summit (Aug 26-27 2026, Chicago)

Key competitor countries

Data shows that Illinois imports predominantly from Canada, China and Mexico. As the top importer in Illinois, Canada’s imports amount to a total of $63.8 billion, with the country’s largest import categories including mineral fuels, mineral oils and products of their distillation, bituminous substances, and mineral waxes ($47.3 billion). Additional major imports include natural or cultured pearls, precious or semi-precious stones and metals, articles made from these materials, imitation jewellery, and coins, collectively valued at $2.8 billion. Illinois imports a significant volume of plastics and plastic articles from Canada, totalling $1.3 billion.

Germany, ranking as the fifth top importer to Illinois, increasingly poses competition to Scottish companies across several areas, on the pharmaceutical and health-tech fields with pharmaceutical products (imports amounting to $1.7 billion) cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (amounting to $1.1 billion). German imports also touch on engineering fields with nuclear reactors, boilers, machinery totalling $1. Billion in imports. Interestingly, Hungary ranks ninth in the countries with most imports into Illinois with their core offering also being pharmaceutical products, nuclear reactors, boilers, machinery as Germany, with an additional offering of electrical machinery and equipment and parts; sound and TV recorders and reproducers, parts and accessories. Ireland falls as eleventh in this ranking, with imports amounting to $4.1 billion and main imports compromising of special classification provisions not elsewhere specified or included, totalling $1.7 billion. Pharmaceutical products also represent a significant share, amounting to $1.1 billion. Additionally, essential oils and resinoids, along with perfumery, cosmetic, or toilet preparations, account for $813.2 million in imports. ^[49]