The history of the United States is filled with stories of immigrants who came to this country and built a better life for themselves and their families. Unfortunately, their numerous contributions to our country are often left out of the conversation. With substantial purchasing power and entrepreneurial spirits, immigrants significantly benefit the U.S. economy in a variety of ways.
Spending – When immigrants come into the country, they bring their spending power with them. They become consumers and spend their money with American businesses, helping to stimulate the national economy, as well as the economy in their local communities. With more than a trillion dollars in purchasing power, the immigrant population is a major financial powerhouse.
Small Business – A report by the Small Business Association (SBA) states that immigrants are 30 times more likely to establish small businesses than their non-immigrant counterparts. Small businesses are essential to the success of the American economy. Not only do they provide valuable jobs, but they also help to strengthen local economies through their sales and tax revenue. According to the SBA, approximately 18% of all small businesses in this country are owned by immigrants.
Job Creation – Immigrants provide an invaluable boost to the economy by creating job opportunities for a wide range of Americans. As small businesses owners, they create employment openings within their communities, particularly for workers with limited skill sets and earning potential. Substantial job creation is also evidenced in the EB5 Visa programs. Plan guidelines require investors to create a minimum number of jobs in order to qualify. According to a US Policy Metrics report, more than 30,000 jobs were created under EB5 programs in 2013.
Increased STEM Professionals – Though they only make up about 16% of the college-degreed U.S. population, immigrants account for more than 30% of the country’s engineers and 24% of physical scientists, according to this article published by the White House. Foreign-born professionals also account for 27% of all mathematicians and computer scientists. These careers push American innovation forward, creating new inventions and methods of solving problems, which ultimately benefits economic growth.
Founded in 1930, BMK LLP remains the oldest law firm in the United States solely practicing immigration law. Contact our experienced New York immigration attorneys for reliable and trustworthy representation. Call the office today at (888) 506-1291 for a consultation.