10 Ways Immigrants Strengthen the U.S. Economy

Immigrants Strengthen the U.S. Economy

America is a country built by immigrants. None of its achievements would have been possible without the help of immigrants who came here from every corner of the world. San Diego immigration attorneys appreciate the continued efforts of immigrants in building and sustaining the country. Here are a few ways immigrants strengthen the U.S. economy.

1. Starting Businesses

Many immigrants start their own businesses sometime after moving to the U.S. Whether it’s a small grocery store or a tech startup, you’re likely to find an immigrant at the helm of things. According to the Small Business Administration, immigrants are more likely to start a business than locals, and about 18% of all small businesses in the country are owned by immigrants.

2. Uplifting the Job Market

By engaging across various industries, immigrants help uplift the job market in the U.S. According to a recent estimate by the U.S. Department of Labor, nearly 8% of immigrants are self-employed compared to 6% non-immigrants in the country.

3. Creating Jobs

In 2007, it was observed by the Fiscal Policy Institute that small businesses owned by immigrants created job opportunities for an estimated 4.7 million Americans. These businesses also generated more than $700 billion in revenues annually.

4. Developing Technologies

To this date, immigrants have started and successfully manage more than 25% of public U.S. companies, according to the National Venture Capital Association. Many of these startups are funded by tech giants Google, eBay, Microsoft, Intel, and Yahoo!

5. Increasing Earnings

The inflow of immigrants has increased earnings for Americans who have more than a high school degree. Between 1990 and 2004, the increase in immigration was matched with a rise in earnings by about 0.7%. Over the longer-run, this figure is expected to cross 1.8%.

6. Offering the Best Minds

The Census Bureau reports that immigrants make up 27% of America’s mathematicians, 24% of scientists, and 33% of engineers. Similarly, the Partnership for a New American Economy observed that in 2011, foreign-born inventors owned more than 75% of patents.

7. Boosting Demand for Local Goods

By the year 2015, the purchasing power of Asians and Latinos crossed over $700 billion. This made them two of the largest communities that boosted demand for local goods in the U.S.

8. Contributing Towards the GDP

A Congressional Budget Office report observed that keeping other things constant, a favorable immigration reform would enable the GDP to increase by 1.3% between 2012 and 2016.

9. Reducing Federal Deficit

The same Congressional Budget Office report also stated that the passing of DREAM Act could have a positive impact on the economy. Due to the inflow of immigrants, the tax revenues would increase. This could reduce the federal deficit by $2.2 billion over a course of ten years.

10. Paying Taxes

Legal immigrants pay taxes, irrespective of their state of residence. The additional tax revenue could prove beneficial for the country. In addition, comprehensive immigration reforms could create more than 900,000 jobs for non-immigrant Americans. This was detailed in a study by the Center for American Progress.

Read about: 5 Ways to Prevent Being Deported from the United States

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