Immigrants fuel the New York economy, study shows

Immigrants fuel the New York economy, study shows
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Immigrants love New York — they always have.

And they are having the greatest economic effect here, out of all the states, according to a new report.

The WalletHub study compared the economic impact of foreign-born populations on the 50 states and the District of Columbia. It used 23 indicators to determine which states benefit the most — and least — from immigration.

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.”

In addition, New York has a large number of international students and enjoys the “brain gain” and innovation brought by immigrants.

Most experts, according to the study, view immigrants as a net plus.

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.”
Source: NY Post 

 

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