US Needs: Recent projections from the Congressional Budget Office (CBO) indicate a surge in immigration to the United States, set to continue until 2026. This influx is poised to significantly influence the nation’s economy, labour market, and housing sector.
With a forecasted increase in net immigration, particularly among individuals aged 25-54, the US anticipates a larger, younger workforce, countering the effects of an aging population on labour force participation. The CBO predicts a moderate workforce expansion until 2026.
US Needs….
While immigration boosts economic growth, it may impact average real wages negatively initially, as new immigrants tend to enter lower-wage sectors. Nonetheless, the housing sector is expected to experience prolonged effects as immigrants establish households, fuelling ongoing construction activity.
Immigration’s role has become central in the 2024 US presidential election discourse, especially with heightened attention on illegal border crossings, which hit a record high in December 2023.
Donald Trump has proposed measures to restrict legal migration, advocating for a merit-based system to safeguard American jobs and values. His stance underscores the polarizing nature of immigration politics, with ongoing debates over the economic and societal implications of migration policies.
The projected immigration surge offers both economic opportunities and challenges for the US, shaping discussions and policy agendas in the field of labour, housing, and politics.