Overview

America’s position as the global magnet for the world’s most talented and hardest-working is in jeopardy. For the past two centuries, immigrants coming to America in search of a better life for themselves and their families have fueled the growth and expansion of the US economy. The United States was built by immigrants, and continues to be built by immigrants. Today, more than 40% of America’s Fortune 500 companies were founded by an immigrant or a child of an immigrant. In recent years, however, US immigration laws have failed to keep pace with the country’s changing economic needs.

This report by the Partnership for New York City and the Partnership for a New American Economy demonstrates what America must do to win the global race for the skills we need. It compares America’s immigration policies with those of other nations – and finds our policies irrational and undirected, in sharp contrast with the targeted, strategic approaches seen elsewhere.

Report Highlights

The US faces several economic realities if it does not reform its immigration laws to keep up with its competitors:

Worker Shortages in Innovation Industries
STEM jobs are increasing three times faster than jobs in the rest of the economy, but American students are not entering these innovative fields in sufficient numbers.

Shortage of Young Workers
We cannot continue to produce the GDP growth the nation has come to expect without dramatically increasing productivity or welcoming more working age immigrants.

Stalled Economy
The US has faced years of stunted economic growth. The most recent US Census data show that the number of business startups has hit a record low.

Key Takeaways

The US needs a framework that values immigrants and helps them succeed, and also ensures employers can fill vital jobs when they can’t find Americans to do the work.This report therefore sets out severalimmigration reforms that the US should adopt today to continue to attract the most talented, innovative, and necessary workers, including:

1. Provide visas to the STEM graduates educated in American universities.
2. Award more green cards based on economic needs.
3. Create a visa program to allow foreign entrepreneurs to build their firms in the US.