While some people believe that U.S. immigration results in the a loss of American jobs, the truth based on extensive research shows that immigrants have positive benefits on both a domestic and global scale. While social benefits are important as well, a key factor when looking at employment is the economic benefits that arise from immigration.
A quick glance at the economic benefits of immigration:
- Immigrants make up 3.4% of the world’s population but contribute 10% of world GDP1
- High-skilled immigrants benefit the U.S. economy in numerous ways, some of them through increasing productivity and paying taxes2
- See the impact of Foreign Direct Investment state-by-state here
A statistic that is not as well-known is that high-skill visas have funded over 70,000 scholarships for U.S. students in STEM fields 3 Because of legislation passed in 1998, employers are required to pay additional fees in order to hire H-1B workers. Since then, employers have paid a total of $5.2 billion. Of that, about $3.9 billion is associated with funding STEM scholarships through the National Science Foundation, according to Anderson’s research. Based on the National Science Foundation’s 2016 budget request to Congress, they requested over $40 million for STEM scholarships (which are H-1B funded) and have received similar amounts in previous years.
Through funding STEM scholarships, H-1B visa users are not only contributing to the economy through their high-skilled labor and paying taxes, but they are also providing opportunities for the next generation of U.S. students who will be entering STEM careers. Rather than hurting the economy and taking away jobs, immigration actually provides useful benefits that are sometimes overlooked.
To learn more about LCR and our EB-5 projects, please contact one of our team members in one of our various offices around the world.
1 “Global migration’s impact and opportunity,” McKinsey Global Institute, November 2016
2 Anderson, Stuart “SETTING THE RECORD STRAIGHT ON HIGH-SKILLED IMMIGRATION,” National Foundation for American Policy, August 2016
3 Anderson, Stuart “7 Facts You Didn’t Know About High-Skilled Immigrants” Forbes, August 2016