WalletHub: Immigrants Boost New York, New Jersey Economies
Though immigration is a hot topic in the current political state of affairs, immigration as a whole continues to impact the economy and, according to a recent study, a couple of local state economies are among those that benefit most from immigrants.
WalletHub compared the economic impact of foreign-born populations on the 50 states and the District of Columbia to determine which states benefit the most and least from immigration. In order to compile the list, WalletHub used 20 key indicators to figure out four ranks: workforce, socioeconomic contribution, brain gain & innovation and international students.
WalletHub determined that New York ranked as the state where immigrants have the second biggest economic impact. The overall ranking is due to the high scores New York received in the four individual ranks, including the top spot for international students, the second spot in the brain gain & innovation, the third spot in the workforce rank and the fourth spot in the socioeconomic contribution rank.
Additionally, in specific key indicators, New York also made appearances. It tied at No. 1, alongside California and New Jersey, as having the highest percentage of foreign-born STEM workers out of total STEM workers, according to the study.
The Empire State also shares the top spot with Massachusetts and the District of Columbia as having the highest percentage of jobs created by presence of international students out of total jobs as well as having the highest economic contribution of international students per capita, WalletHub revealed.
Coming right behind New York, New Jersey ranked as the third state where immigrants have the biggest economic impact, thanks to ranking at the top of the workforce ranks and in third place when it comes to both the socioeconomic contribution and brain gain & innovation ranks
When it comes to individual categories, the Garden State also scored high. It came in second place, trailing behind California, as the state with the highest percentage of jobs generated by immigrant-owned businesses out of total jobs, according to WalletHub.
New Jersey also came in fourth as having one of the highest median household income of foreign-born population.
While it did not crack the top 10 in the overall rank, Connecticut came in at No. 11.
Which state beat out all others as being the place where immigrants have the biggest economic impact? California reigned supreme to take the top spot.
For more information on the ranking and the methodology used, click here.
Photo Credit: Getty Images