Asia Continues to Win in Tech Employment

High-technology jobs are quickly slipping away from the U.S. as American companies choose to expand their research-and-development labs in China (NYSE:FXI) and other parts of Asia, said the National Science Board on Tuesday.

In recent years, Caterpillar Inc. (NYSE:CAT), 3M Co. (NYSE:MMM), General Electric (NYSE:GE) and other global, U.S.-based companies have spent billions of dollars to expand their overseas research labs. These companies are hoping to draw from a larger pool of scientific talent, win favor with foreign governments by doing more research overseas and create products that appeal to overseas markets.

“Over time, global science and technology capabilities have grown, nowhere more so than Asia,” said the report. “In most broad aspects of science and technology activities, the United States continues to maintain a position of leadership. But it has experienced a gradual erosion of its position in many specific areas.”