THERE had always seemed to be more than a smidgeon of 'The Boy Who Cried Wolf' in the dire warnings of what constitutional uncertainty created by last year's independence referendum might do to foreign direct investment in Scotland.

These warnings came from Chancellor George Osborne and others in the political and business arenas.

There was lots of chatter about overseas companies that would otherwise have been keen to invest in Scotland but had been deterred by not knowing which way the vote on independence would go. Notably, there was a distinct lack of names of such companies offered up in this gossip.

In the weeks leading up to the independence referendum, the battle between the Yes and Better Together camps became much closer than many had expected. In the end, it was a knife-edge vote. So, if those crying 'wolf' had been correct, this major uncertainty over the result, you would imagine, must really have weighed down very heavily indeed on inward investment into Scotland last year.

As it turns out, this did not happen. Quelle surprise.

Rather, the latest inward investment figures, published this week by accountancy firm Ernst & Young (EY), signal that Scotland continues to punch well above its weight in a UK context.

EY's annual attractiveness survey signals the doomsayers were wrong about constitutional uncertainty causing a problem for Scotland on this key front.

Asked if he believed the independence referendum had affected foreign investment in Scotland last year, EY partner Mark Harvey replied: "I think, on the face of it, you would look at it and say the referendum didn't have any significant impact. What you can't tell is what would have happened if it hadn't happened."

So it certainly appears the wolf was not at the door for Scotland on the inward investment front, contrary to what had been suggested by some.

Rather, the American bald eagle landed in some style for Scotland, with a record number of inward investment projects attracted from the US last year.

Scotland won 37 investment projects from the US in 2014, including some large commitments.

Among the projects from the US highlighted in the EY study are the creation of about 500 jobs at Gourock in Inverclyde by Synnex Corp subsidiary Concentrix, and a commitment by Portfolio Recovery Associates to recruit around 400 people in Kilmarnock.

The survey also flags US financial giant BlackRock's creation of 200 jobs in Edinburgh, and American defence engineering company Lockheed Martin's expansion of its operation at Renfrew. Lockheed Martin unveiled plans to create 327 jobs through its expansion project.

Scotland attracted a total of 80 foreign direct investment projects in 2014, down only slightly from 82 in 2013. EY notes 2013 was Scotland's best year for inward investment project numbers since 1997. Scotland's achievement in 2014 of its third-best year ever for project numbers was not too shabby at all.

Scotland's undoubted success in attracting such projects obviously has much to do with what it can offer inward investors, notably in terms of skills in key areas. One fine example of this is the establishment and growth of US investment bank JP Morgan's European technology base in Glasgow over the last 15 years. Highly-skilled software specialists and analysts are vital to the success of this operation.

However, we should not forget the role played by taxpayer-backed Scottish Development International in attracting overseas investment. Having met representatives of SDI and its predecessor organisation in various countries, you get the impression that they are well focused on the key sectors and companies that are likely to be the sources of the inward investment that is so crucial for the Scottish economy.

The international dimension is always important for Scotland, as a small outward-facing economy. However, it is particularly important at a time when the domestic economic picture in the UK as a whole is so weak.

Figures published yesterday by the Office for National Statistics confirmed UK gross domestic product grew by just 0.3 per cent in the first quarter. This was only half of already below-trend growth of 0.6 per cent in the final three months of 2014.

The Bank of England had cited the possibility that first-quarter growth could be revised up to 0.5 per cent, from the ONS's initial estimate of 0.3 per cent published last month. However, that did not happen, this time round at least.

Instead, what leapt out of the ONS figures was the UK's lamentable net trade position. In his March 2011 Budget, Mr Osborne promised us "a Britain carried aloft by the march of the makers". This has failed to materialise.

The UK's trade deficit widened to £13.2 billion in the first quarter, from £9.6bn in the final three months of 2014. Exports fell 0.3 per cent in the first quarter, while imports increased by 2.3 per cent. This woeful trade performance was a major drag on growth.

Returning to the inward investment picture in Scotland, the EY survey does identify a key challenge, which is nothing to do with the constitutional outlook. Rather, it is the seeming need for Scotland to try to bring in more investment from the Far East.

Mr Harvey pointed out, while China was the fifth-largest source of foreign investment projects for the UK as a whole in 2014, it did not figure in the top 10 origins for Scotland.

However, the EY survey also signals major progress in terms of overseas companies' perception of Scotland as a place in which to establish operations. Scotland's successful hosting of the Commonwealth Games and Ryder Cup was cited as a factor.

On the question of which nation or region of the UK they perceived as the most attractive in which to locate operations, six per cent of 406 decision-makers around the world picked Scotland. This was up from two per cent in the previous year's survey, and EY notes Scotland scored highly with investors not yet established in the UK.

So, in spite of all the apparent scaremongering over the impact of the independence referendum on inward investment, it looks like 2014 was a pretty good year for Scotland on this front. Perhaps you could say it was characterised by the not-so-curious case of the wolf that did not howl. Then again, it was probably more a case of the wolf who wasn't there.