Posted 3/20/2024, 2:59:00 PM
Immigration Surge Fuels Economic Growth But Strains Housing and Labor Markets
- Soaring immigration adding over 3 million people per year, boosting economic growth and explaining strong job numbers
- Immigration surge increasing US output growth as more workers join labor force, even if productivity is lower
- Added immigrant workforce makes it harder to explain persistently tight labor market
- Immigration estimated to be adding demand for over 500,000 housing units per year, exacerbating housing shortage
- High immigration helps explain trends in labor, productivity, and the strained housing market