October 25, 2012
A recent report from the Partnership for a New American Economy, a bipartisan group of mayors and business leaders that promotes the economic benefits of sensible immigration reform, details the extensive benefits that the U.S. economy gains from businesses owned by immigrants. New York City Mayor Michael Bloomberg, who co-founded the group, has called for extensions of visa laws to minimize obstacles for everyone from highly educated medical and technical workers to low-wage and seasonal farm laborers and allow them to more easily participate in the U.S. economy.
The report, “Open for Business: How Immigrants Are Driving Business Creation in the United States,” provides several key estimates of the beneficial effects of immigrant entrepreneurship on the health of the American economy:
– One of every ten privately employed American workers is employed by an immigrant-owned business
– Businesses owned by immigrants generate nearly $800 billion in revenue for the U.S. economy
– That revenue figure includes approximately $125 billion in payroll