Various agencies have jointly stated the importance of immigrants to the US economy. According to data, businesses in the country have benefited from immigrants and their abilities. In this article, we will take a look at what immigrants contribute to businesses nowadays.
Immigrants Work at Higher Rates for Important Economic Jobs
It was found that there was a 65.7 percent participation rate among foreign-born adults in 2018 according to the US Bureau of Labor Statistics. Comparing that to the 62.3 percent of native-born, it was significant data of the contribution of immigrants to the US economy.
In the same year, it was also found that immigrants who had less than a four-year college degree amounted to 10 percent of all workers in the US. They worked in crucial industries like farming, forestry, and fishing. In other industries, there was 36 percent of immigrant workers in building maintenance, 27 percent of total hotel workers were immigrants, and 21 percent of home health care workers were registered as immigrants.
Immigrants Help Fill Gaps in the US Economy
In a 2015 report by the National Academy of Sciences (NAS), a panel of experts agreed that the contributions of immigrants to the economy were hard to match. They said that there are many jobs in the US that need low-skilled workers. Immigrants are willing to take these jobs which, in effect, help the economy even without being noticed.
Immigrants Provide Support for Older US Population
Since immigrants help increase our national birth rate, it also means that there is still a steady supply of workforce in the future. A low birthrate in combination with an aging older generation means that the contribution of immigrants is important in improving the ratio of workers to retirees.
In a nutshell, without immigrants, there will be a shortage of working-age adults. In 2019, about 78% of the foreign-born population was in the age between 18-64 compared to the 59 percent for native-born citizens.
With immigrants continuing to work, the trust fund for Social Security also increases. The trustees of the program estimate that there is a 0.8 percent improvement on the taxable payroll for every 100,000-person increase in immigration.
Immigrant Children Upward Mobility
Studies show that more immigrant children attain higher education which means higher earnings and opportunities in higher-paying work. As of 2018, 42 percent of native-born young adult children of immigrant parents had a four-year college degree which is a significant increase since a 2017 report that reflected that 36 percent of new immigrants lacked even a high school education.
Immigrants are an important part of the business ecosystem contributing to the country in terms of working at high rates and the workforce they add to some industries. They are also more mobile in terms of geography which is a welcome response to shortages in workers in some states. They also help in bolstering the Social Security and Medicare funds by overshadowing the number of retirees. Finally, since immigrant children are upwardly mobile, they promise benefits to both their families and the economy as well. For more information, contact our Houston immigration lawyers today.