Immigration Fueling Higher US Growth Forecasts, Adds Billions to GDP

• Immigration is boosting US GDP growth forecasts for 2024, according to JPMorgan's head of research Joyce Chang. She says immigration has been underestimated economically.

• Immigration added an estimated 3.3 million people to the US in 2022. More people working, spending, etc. helps the economy.

• Immigrants fill open jobs when unemployment is low, taking pressure off employers. This supports continued job growth.

• The Congressional Budget Office estimates immigration will contribute $7 trillion to US GDP over the next decade.

• Keeping unemployment low while reducing inflation has been a success for the US economy recently. Immigration has helped maintain the workforce.