The Hispanic community has contributed to the U.S. economy in many ways, and it will continue to do so!
Removing a large number of workers can have serious short term and long term economic consequences (as far as gross domestic product goes). Whether or not we see a change here will all depend on the upcoming president.
Let me first say that I am not sharing a political view; I am only sharing data released by The Center for American Progress, as well as Ryan Edwards and Francesc Ortega. The data I am sharing includes an interactive map that explains the economic impact of removing immigrant workers (an impact that will be felt by each individual state, as well as all of the different industries nationwide). Feel free to click on your state to see your local data!
The report by the Center for American Progress details these serious economic consequences and provides some general statistics:
Removing all 11.3 million unauthorized immigrants from the United States…
- Will reduce the U.S gross domestic product, or GDP, by $434 billion on average annually, as well as the cumulative GDP over 10 years by $4.7 trillion.
- Will remove more than 7 million workers across the country (which would reduce national employment to a level similar to the one experienced during the Great Recession).
- Will cost the federal government nearly $900 billion in lost revenue over 10 years.
- Will hit agriculture, construction, leisure, and hospitality the hardest with double-digit reductions in their workforces, as these industries have the highest concentration of employed immigrants.
- Will cause the largest non-immigrant heavy industries to experience the greatest declines in GDP (financial activities, manufacturing and wholesale and retail trade). Annual long-term GDP losses in these industries would reach $54.3 billion, $73.8 billion and $64.9 billion, respectively.
Of the $434 billion lost in GDP nationwide:
- $48 billion will be in construction
- $74 billion in manufacturing
- $54 billion in financial activities
- $36 billion in professional and business services
- $18 billion in transportation and utilities
All of these industries are connected to the housing industry, so we can see that this is a policy that will significantly affect our industry if it is put into action; we just have to wait to see the magnitude of these changes on the housing industry!
We mentioned some of the economic consequences that come with removing 11 million consumers of goods and services from the country, but just think about the harmful, noneconomic consequences that communities and families would suffer.