While the number of worldwide immigrants is rising, the benefits for the economy are also rising. Read on to find out the benefits!
The importance of immigrants to the economy is rising. Compared to their percentage of the population, they are highly involved in our work force, but they also have a larger predisposition to start businesses.
Immigrants develop new jobs and businesses
The Small Business Administration estimates that 18% of all American small business owners are immigrants, and that immigrants are 30% more likely than non-immigrants to start a business in the country. Moreover, The Fiscal Policy Institute estimates that 4.7 million individuals were employed by small businesses run by immigrants in 2007.
Immigrants help fill gaps in the economy
Immigrants are willing to take any kind of position that locals are either unable to do or reluctant to accept, and this is helping fill gaps in the economy.
Immigrants help with the aging population phenomena
Our worldwide birth rate, which has recently fallen to historically low levels among the native-born population, is boosted by immigrants. A drop in the labor force and a slower and less dynamic economy can result from a low birth rate. However, immigrants can counteract these results.
Children of immigrants achieve high-paying jobs
Children of immigrants typically make more money, complete more schooling, and hold jobs with greater compensation than their parents, according to different studies that have been conducted for many years. For instance, the 2015 NAS study on immigration also came to the same conclusion, finding that the majority of current immigrant groups' second-generation members—children of immigrants—meet or surpass the average educational attainment of later generations of native-born Americans.
Immigrants create new opportunities for economic growth
Immigrants in the United States have founded businesses like Google, Intel, PayPal, eBay, and Tesla. In fact, while making up less than 15% of the population, skilled immigrants are responsible for more than half of Silicon Valley start-ups. "Immigrants expand the economy's productive capacity by boosting investment and increasing specialization, which provides efficiency improvements and boosts income per worker," according to research from the Federal Reserve Bank of San Francisco.
Undoubtedly, immigrants make efforts in our communities that go far beyond their contribution to the world economy. Are you looking to start your migration journey abroad? Placement International will help you with the whole process - from visa preparation to job searching and coaching. To get started, simply fill out this form or create a profile on our website.