Earlier this year, the Congressional Budget Office (CBO) found that immigration is expected to create a $7 trillion boost to the U.S. gross domestic product over the next ten years. The increase to the U.S. economy is due in part to a growth in the labor force and the resulting increase in consumer spending. The calculations reflect the 2024 surge in U.S. immigration.
The CBO analysis includes data from U.S. Customs and Border Patrol to estimate U.S. immigration. This includes those entering with or without visas or other documentation. While recent increases in immigration are in part due to the surge at the southern border, the adjudication of cases on backlog are another source. In the U.S., an estimated one in five U.S. workers are immigrants. This is the highest level seen in nearly two decades. This increase is fueling the post-pandemic recovery, per economists and policymakers.
At the end of May 2024, an estimated 8.1 million jobs are open, per the U.S. Bureau of Labor Statistics. With foreign-born workers making up 19% of the workforce in February 2024, without their presence, job openings would likely be dramatically higher, hurting the overall U.S. economy. In the previous U.S. government fiscal year, the U.S. approved a record number of work authorizations to foreign born individuals.
If you have questions about an employment-based visa or any other U.S. immigration-related issue, contact us. Our team of experienced professionals work directly with our clients, including companies of all sizes, to ensure they get the right advice to achieve their desired outcomes.
