The United States has always been a nation of immigrants who have helped build and shape our country since its founding. In 2018, Immigrants added $2 trillion to the U.S. Gross Domestic Product (GDP). Immigrants are key to U.S. economic growth and competitiveness. Our California immigration team sheds light on the economic influence immigrants have in the United States, and the importance employment-based immigration has on our economy.
Immigrants Are Driving Our Economic Recovery
Despite being struck by the recent economic contraction, immigrants were quick to lead the recovery effort by returning to the labor force post-COVID-19. Immigrants have been a vital part of our workforce and contribute to economic recovery.
By the second quarter of 2020, the unemployment rate for foreign-born workers had reached 15.3%, compared with 12.4% for U.S.-born workers. Many take posts as essential workers in hospitals, grocery stores, and transportation networks. Immigrants are a key part of the U.S. workforce and contribute greatly to our economy.
Entrepreneurship and business creation are fundamental to a healthy economy—$ 1.3 trillion of Total sales of immigrant-owned businesses, 2017. In 2019, there were 3.2 million immigrant entrepreneurs in the U.S.
The Spending Power of Immigrants Fuel the Economy
Immigrants are also a significant source of consumer spending power in the United States. In 2017, immigrants had a total spending power of $13 trillion, contributing greatly to the U.S. economy and businesses.
The Importance of Employment-Based Immigration
Employment-based immigration is critical to the U.S. economy. Every year, employment-based visas allow hundreds of thousands of highly skilled workers to come to the United States and contribute their skills and talents to our economy. Industries like tech have come to rely on employment-based visas to fill critical positions. Immigrants made up almost one-fourth, or 23.1 percent, of all STEM workers in the United States in 2019, according to the American Community Survey (ACS).
Are You Ready to Apply For An Employment-Based Visa?
If you are interested in learning more about employment-based visas or other immigration options, please get in touch with our immigration attorneys at Yekrangi & Associates. We have a wealth of experience and knowledge to help you every step of the way. Contact us today to get started!