WASHINGTON, Mar. 31, 2015 – The United States Hispanic Chamber of Commerce (USHCC) and The George W. Bush Institute have partnered to release “America’s Advantage: A Handbook on Immigration and Economic Growth.” The book, containing an in-depth analysis of the correlation between immigration and economic growth, was launched during the 2015 USHCC Legislative Summit at the Reagan Building & International Trade Center in Washington, DC.
“As members of America’s business community, the USHCC must work to ensure that the national immigration debate is being driven by facts,” said USHCC President & CEO Javier Palomarez. “Fortunately, it is quite clear that immigrants in the U.S. grow the economy and create jobs. It is our hope that lawmakers will use this new publication by the George W. Bush Institute and the USHCC to work toward bipartisan solutions while helping to foster American competitiveness.”
The nonpartisan Congressional Budget Office has found that comprehensive immigration reform would reduce the federal deficit by $200 billion over 10 years, and produce a cumulative deficit reduction of nearly $1 trillion dollars in two decades.
“The George W. Bush Institute recognizes the valuable contributions of our country’s immigrants and understands how critical they are to our future prosperity,” said Margaret Spellings, president of the George W. Bush Presidential Center. “There are no simple solutions to our nation’s immigration issue, but we believe informed discourse is the first step to developing sensible policy.”
Key findings in the book include:
- 40% of Fortune 500 companies were founded by an immigrant or the child of an immigrant
- Immigrants are more likely to be employed: 61.5% of foreign-born workers, age 16 or older, are employed compared to 57.2% of native-born citizens
- Immigrants make up a substantial portion of the U.S. labor force: foreign-born workers account for 16% of the U.S. labor force, but only 13% of the population
- It is estimated that between 2012 and 2050, immigrants and their children will be responsible for 93% of the total growth of the U.S. labor force
- Immigrants are disproportionately responsible for U.S. international patent applications: in 2006, immigrants accounted for 25.6% of U.S. international patent applications
- Immigrants are highly entrepreneurial: in 2013 immigrants formed new businesses at almost twice the rate of native-born citizens
Matthew Denhart, author and research fellow of the George W. Bush Institute stated: “Americans today are searching for stronger economic growth and more opportunity. Immigration is one of the most promising areas where sensible reform could generate growth and provide prosperity to America. It is important that more Americans understand the economic benefits of immigration, and consider the possible positive impact of progrowth immigration reform.”
About the USHCC
Founded in 1979, the USHCC actively promotes the economic growth and development of our nation’s entrepreneurs. The USHCC advocates on behalf of nearly 3.2 million Hispanic-owned businesses, that together contribute in excess of $486 billion to the American economy, each year. As the leading organization of its kind, the USHCC serves as an umbrella to more than 200 local chambers and business associations across the nation, and partners with more than 240 major corporations. For more information, visit www.ushcc.com. Follow us on Twitter @USHCC