Stringer on Immigrants and the NYC Economy

NYC Comptroller Scott M. Stringer on Jan. 11 released a report, based on an analysis of 2015 American Community Survey data, illuminating how inextricably linked the city’s economy is with the incomes, businesses and spending of immigrants to the city.

Noting that foreign-born workers now account for roughly half of all workers in core sectors, including technology, finance, entertainment, and medicine, Stringer said:

“We have not just a moral imperative to be true to our values and stand up to anti-immigrant policies, but an economic imperative as well. The contributions that immigrants make to our economy are enormous. Religious bans, threats of mass deportations, registries – all are antithetical to our legacy as New Yorkers and Americans. We hope this data shows the extraordinary impact immigrants make in our city, and we hope it demonstrates why supporting New Yorkers, no matter where they’re from, is the right thing to do for our economy.”

Among some of the salient points in the analysis:

  • The city has 3.3 million immigrants, from more than 150 countries, making up 46 percent of New York City’s employed population and almost 40 percent of our city’s total population.
  • With more than $100 billion in earned income, immigrants earn 32 percent of total earnings in New York City.
  • Immigrants are entrepreneurs: more than 83,000 New York City business owners are immigrants, as well as 54 percent of all self-employed New Yorkers.
  • There are 990,000 children of immigrants, or 55 percent of NYC’s children, living in the city.
  • Immigrants are homeowners: 46 percent, or 451,000, of the city’s 991,000 homeowners are foreign-born.

For more facts and figures, go to the study, entitled “Our Immigrant Population Helps Power NYC Economy.”

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