New York – Today New American Economy (NAE), a bipartisan research and advocacy organization focused on immigration, released new data highlighting the significant contributions immigrants make to the community and economy in and around Albany. The data shows that immigrants in the Albany metro area are crucial to growing the local economy — the area’s immigrant entrepreneur population grew more than 11 percent in just one year. Immigrants also play an important role in helping to power Albany’s economy. In 2017, immigrants in the area paid nearly $715 million in taxes and held $1.6 billion in spending power.
The research is part of NAE’s Map the Impact, an interactive map that quantifies immigrant contributions at the national, state, metro area, and congressional district levels, and across industries.
Key findings for the Albany metro area include:
- Immigrants are responsible for an increase in local entrepreneurship. The number of immigrant entrepreneurs in the area increased by more than 11 percent between 2016 and 2017. Immigrants are also nearly 20 percent more likely to be entrepreneurs when compared to U.S.-born residents.
- Immigrants pay millions in taxes and hold significant spending power. In 2017, immigrants in Albany paid nearly $715 million in taxes and held $1.6 billion in spending power, which helped to fuel the growth of the area’s local businesses.
- Nearly half of Albany’s immigrants have a bachelor’s degree. In 2017, 20.5 percent of immigrants in the Albany metro area had earned a bachelor’s degree, and an additional 25 percent had earned a graduate degree, providing them with increased earning potential and potential for upward mobility.
- Major industries in Albany depend on immigrant workers. Despite making up just 7.6 percent of the area’s population, Albany immigrants made up 14 percent of manufacturing workers, 11.5 percent of professional, scientific, and technical workers, and 10.2 percent of health care and social assistance workers in 2017.
- Immigrants are strong contributors to the Albany housing market. In 2017, there were nearly 15,000 immigrants homeowners in the Albany metro area, a nearly eight percent increase from 2016.
“Immigrants in Albany are creating jobs, supporting local businesses, and helping to steadily grow the economy,” said Kate Brick, Director of State and Local Initiatives at New American Economy. “These findings illustrate why having a welcoming approach to immigration will help to bolster the Albany metro area’s economy.”
Map the Impact shows NAE analysis of the latest data from the 2017 American Communities Survey. You can find the new version of the Map at maptheimpact.org.