Immigration’s effect on the U.S. economy is a touchy subject. Depending on political beliefs, some have denounced immigrants as a drain on the economy, while others have touted immigration as strengthening the economy. Economists have spent many years studying the way immigrants affect the U.S. economy, and here is what studies have shown.
Immigrants Found Leading Companies
According to the Massachusetts Technology Leadership Council (MassTLC), 40% of the companies listed as a Fortune 500 company are founded by immigrants or the children of immigrants. More than half of the startups valued at $1 billion or greater are immigrant-founded. These businesses represent the next few decades of American innovation, and having a smaller group of them can harm the economy. Other studies have echoed the sentiment. The National Foundation for American Policy found that nearly have of the billion dollar startups they profiled were founded or co-founded by immigrants.
Immigrants Create Jobs
The National Foundation for American Policy also discovered that immigrants tended to disproportionately start their own businesses and create jobs for American workers. Out of the profiled startups, this study noted that the immigrant-founded businesses were worth $168 billion collectively and employed an average of 760 people per business. The creation of new businesses and jobs helps the economy flourish and provide more opportunities for Americans to join the workforce.
Immigrants Encourage Economic Growth
The National Venture Capital Association found that a third of venture-backed companies that went public between 2006 and 2012 were founded or co-founded by an immigrant. TheNational Academies of Sciences, Engineering and Medicine suggest that immigrants can lower the prices of goods and services, which can benefit American consumers. Immigrants can also provide a source of demand for housing sectors, which can benefit real estate markets. They also can help wage grow and help labor markets more efficient.
Immigrants Can Supply Skilled Labor
With the majority of healthcare positions being filled by immigrants, the need for talented and highly trained workers is apparent. As the U.S. healthcare system continues to expand, the demand for trained nurses, physicians, and other healthcare workers will continue to grow with it. By encouraging foreign-born medical staff to find work in the U.S., we can help keep up with the demand for skilled labor. The technology industry is another field where skilled immigrants are in high demand.
At The Law Offices of Rosina C. Stambaugh, it is our goal to help immigrants navigate the complexities of the immigration process. Supported by extensive legal experience, our York immigration attorney, Rosina Stambaugh, is well-equipped to handle any immigration case. Learn how we can help with an initial consultation.