According to the new report by the nonpartisan Partnership for a New American Economy, “Open for Business: How Immigrants are Driving Business Creation in the United States,” immigrants were responsible for an astonishing 28 percent of all new business started in this country last year. As the number of new businesses started by native born individuals declines year after year, the number of immigrant-owned new businesses is continually on the rise. The report states that immigrant-owned businesses generated $775 billion in revenue last year, and employed one out of every ten employees of privately owned companies. This is all despite the fact that immigrants make up less than 13 percent of the total U.S. population.
Since it was founded in 2010, The Partnership for a New American Economy has published a series of groundbreaking and highly influential reports detailing the dramatic economic contributions to our national economy made by immigrants. Although the organization believes that it is important to fight undocumented immigration, the United States urgently requires pragmatic reforms to our nation’s immigration laws, which would enable business and industry to source the labor needed to make our nation competitive on the global economic stage.
“America is a great nation built on the hard work and ingenuity of immigrants, and our economic prosperity will depend upon our ability to unleash innovation and compete in the global marketplace,” said Partnership Co-Chair Rupert Murdoch. “Unfortunately, Washington has failed to enact immigration policies that acknowledge the role of immigrants in our economic successes, or consistently support the employment needs of America’s businesses. We have to get beyond politics and antiquated notions about immigration if we are serious about attracting and retaining the best talent in America.”
According to the latest in depth analysis of the impact immigrants have on our nation’s economy contained in “Open for Business,” immigrants today start more than 25 percent of all business in seven out of the eight economic sectors that experts expect will be the fastest growing over the next decade, including health care, construction, retail, hospitality, and others. The organization believes that if the federal government wants to influence continued growth in these sectors, we must change our broken immigration system to ensure that those most likely to lead such growth are legally allowed to live and work here.
The Partnership for a New American Economy is a group of mayors and business leaders from throughout the country, united in their commitment for fair and sensible immigration reform. Prominent members include New York Mayor Michael Bloomberg, Los Angeles Mayor Antonio Villaraigosa and the CEOs of Disney, Microsoft, News Corp., Boeing and Marriott International.