May 29, 2012
Immigrants account for 12% of American population, but they account for 26% of our Nobel Prize recipients and 24% of our patent applicants.
A new report released by the Partnership for a New American Economy and The Partnership for New York City found that if America does not change its immigration laws, it may face a shortage of skilled workers, and that would stifle our economic growth.
The United States was built by immigrants. Today, more than 40 percent of America’s Fortune 500 companies were founded by an immigrant or a child of an immigrant the report states. Nearly half of the top 50 venture-backed companies in the US count — at least one immigrant as a founder.
Today, however, we need skilled immigrants more than ever. Our workforce is shrinking the report shows. The US labor force has been slowing since 1970. While it used to grow by two or three percent per year, today that rate is less than one percent. The labor force is at the lowest levels in decades.