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Immigrants Fuel The New York Economy, Study Shows

Immigrants Fuel The New York Economy, Study Shows

For centuries New York city has been the center of the American dream for immigrants coming from around the world. In the mid-20th century this was predominantly western Eurpoeans. Immigrants have found a diverse home in New York, thus contributing to their admiration of the New York way of life, and the American dream. Out of all the states in the United States, Immigrants are benefiting the most in New York, more specifically New York City, according to a new report. The WalletHub Study analyzed the economic impact of immigrants who were foreign born upon their arrival in the United States. Each population in the fifty states was compared and analyzed. While utilizing 23 indicators, a through list was derived of the most and least beneficial places where immigrants benefit the economy. New York was No. 1 because “foreign-born population is almost 23 percent, second-highest in the country, and more than 12 percent of its households are made up of second-generation immigrants,” the report said, adding, “The percentage of income generated by immigrant households is over 25 percent, the highest in the nation.

WalletHub analyst Jill Gonzalez attributed New York’s immigrant bounty to a number of factors. “Some of the reasons immigrants have the highest economic impact in New York include the third-largest share of foreign-born workforce, over 27 percent, and the second-largest share of foreign-born business owners, over 25 percent,” she said. “The state also has the second-largest share of active physicians who are international medical graduates, 37 percent.”

Immigrant students typically study in New York study which benefits the economy dramatically. This amount of “brain overload” contributes to the vibrant and welcoming economy in New York. Alan Hyde, a professor at the Rutgers University Law School, noted, “They revitalize cities. Their neighborhoods are low-crime. They fill many important jobs. Their taxes and Social Security contributions keep the systems afloat.”

The Law Offices of James A. Welcome believes in the American dream which invites a diverse background to contribute to our booming economy. Our nation was built on immigrants knowledge, religion, and culture. We take pride in calling on justice and making sure your dreams of becoming an American citizen come true. Please call our team at (203) 753-7300 or visit welcomelawfirm.com for an appointment today!

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