Bloomberg, April 29, 2024, Here’s How Immigration Will Boost The US Economy, From Strong Hiring To More Housing
Growth in employment has continually surprised to the upside in recent years, running at a pace formerly deemed as unsustainable. Economists have coalesced around population growth as a key explanation after a recent Congressional Budget Office report estimated higher immigration than previously thought.
With over a million people entering the country each year, it stands to reason that a bigger population will increase demand for housing and a wide range of other goods and services. For now, some of the places forecasters are looking to gauge the impact may not provide obvious answers: consumer spending data, for example, aren’t broken down by demographic.
