Immigrant Workers Contributing to Growth in U.S. Labor Market

At Extreme Investor Network, we are dedicated to providing our readers with unique and valuable content related to the economy. Today, we are discussing the significant impact of immigrant workers on the post-pandemic jobs market in America.

According to Bureau of Labor Statistics data, immigrant workers made up a record 18.6% of the workforce last year. These workers are filling open positions in crucial industries such as agriculture, technology, and healthcare, where there has been a shortage of labor supply. As Americans age out of the workforce and birth rates remain low, economists and the Federal Reserve are highlighting the importance of immigrant workers for future economic growth.

Related:  Midday market highlights: Tesla (TSLA), Goldman Sachs (GS), Salesforce (CRM) among top movers

The influx of immigrant workers is projected to boost U.S. output and is expected to grow the gross domestic product by $7 trillion over the next decade, as noted by Congressional Budget Office Director Phillip Swagel. This increase in the labor force due to higher net immigration will have a positive impact on GDP and revenues.

One organization heavily reliant on immigrant workers is Goodwin Living, a nonprofit faith-based elder-care facility in Northern Virginia. CEO Rob Liebreich stated that around 40% of their 1,200 workers are foreign-born, representing 65 countries. As the need for elder care increases with the aging population, more immigrant workers will be needed to fill the gaps.

Related:  Tune in to CNBC for real-time coverage of important inflation data released on Friday.

Goodwin launched a citizenship program in 2018 to assist workers in obtaining U.S. citizenship. This program provides financial resources, mentorship, and tutoring to help workers through the citizenship process. By facilitating the path to citizenship, organizations like Goodwin are able to attract and retain global talent in a highly competitive environment.

One success story from Goodwin is Wilner Vialer, who came to the U.S. from Haiti and became a U.S. citizen in 2021 through the program. Vialer’s story highlights the positive impact of programs that support immigrant workers in their journey to citizenship.

As we look ahead to the upcoming presidential election, immigration will continue to be a hot topic. Both President Joe Biden and former President Donald Trump have addressed the issue of immigration, underscoring its importance in the national discourse.

Related:  Market Talk - August 25, 2022

At Extreme Investor Network, we understand the critical role that immigrant workers play in the economy and are committed to providing our readers with insights and analysis on this evolving topic. Stay tuned for more updates and in-depth analysis on the economy and investment opportunities.

Source link