Can Immigration Speed the Economic Recovery?
Can Immigration Speed the Economic Recovery?
A new report by AS/COA and Partnership for a New American Economy shows immigrants have been a key force of economic revival for distressed communities across the U.S.
(MoneyWatch) Cities and towns across the U.S. struggling to recover from the Great Recession could benefit from a key force for economic renewal: Immigrants.
Foreign-born residents, who now account for one in eight Americans, are boosting job growth, raising home prices and more broadly helping to revive thousands of economically distressed communities, according to a new report by the Americas Society/Council of the Americas and the Partnership for a New American Economy.
"Immigrants are a key part of the American success story at the community level, revitalizing local areas and creating economic growth and jobs for U.S.-born workers," the report said....
Another way immigrants benefit communities is by creating demand for housing, said Jason Marczak, director of policy at the Americas Society/Council of the Americas. For every 1,000 immigrants that move into an area, 270 U.S.-born people also come, as small businesses are launched to meet the growing demand for services, the report found. Immigrants tend to move to less expensive neighborhoods, including blighted areas. That helps local governments generate the tax revenue they need to offer social services and also can reduce crime.
"Immigration yields a significant impact on home values across the country, occurring most notably in relatively affordable metropolitan areas and neighborhoods," according to the report. "Controlling for other factors, when an immigrant moves into a community, the price of the average home rises by 11.6 cents." If 1,000 immigrants arrived, in other words, a home's value could rise by more than $11,000....
