Ireland is now the ninth largest investor into the US, according to a new report on the transatlantic trading relationship.

The US Ireland Business report, published by the American Chamber of Commerce in Ireland, says 900 Irish companies are now active in the US market, investing over $146 billion.

They employ in excess of 110,000 people in the US.

The report, authored by Wall Street economist, Joseph P Quinlan, said the transatlantic economy is expected to expand again this year.

"After expanding by roughly 2.5% in 2019 - the tenth year of consecutive growth - the US economy is forecast to grow by an estimated 2% this year. That is hardly stellar but nevertheless a solid outlook for an economy that is now larger than $22 trillion," the report says.

The report was compiled before the decision by the US Federal Reserve to cut interest rates by 0.5% in an emergency move to stave off the worst effects of a downturn brought about by the coronavirus outbreak.

The report also details the extent of the capital flow back to the US as firms repatriated retained earnings in the aftermath of the 2017 Tax cuts and Jobs Act introduced by the Trump administration.

"In 2018, US firms repatriated over $750 billion and an estimated $350 billion in 2019, for a total of $1.1 trillion in total repatriated capital since the 2017 Tax Act. 

"Recent declines in US investment flows to Ireland, with net outflows of -$80 billion recorded in the first nine months of 2019, was expected and reflects more one-off policy changes than direct investment fundamentals," the report noted.

It referenced figures for 2018 which show that US direct investment in Ireland exceeded a record $444 billion.

That represented a share of total US investment in Europe of 12.2%, according to the Bureau of Economic Analysis.

"This is a relationship that delivers remarkable impact into the Irish economy, and one which is central to the country's economic success," the report concludes.