America’s cities are facing a historic shortage of two vital resources: money and immigrants.
Why it matters: Cities drive American economic growth, and immigrants drive cities. The coronavirus pandemic has effectively stanched the main source of talent that municipal economies have long relied upon.
The big picture: As Axios’ Stef Kight reports, COVID-19 has slammed the door on highly skilled foreign workers — and the restrictions and bottlenecks may outlast the pandemic, especially if President Trump wins reelection. Economists warn that could slow the U.S. recovery and reduce competitiveness.
- By the numbers: The U.S. issued more than 61,000 skilled visas in January. That number fell to just 494 in April and remained very low through July. Don’t expect the numbers to pick up meaningfully anytime soon.
- New York alone has some 3.1 million immigrants, who fill 45% of the city’s jobs, according to the Mayor’s Office for Immigrant Affairs. But that population was declining even pre-pandemic. Tougher immigration restrictions caused a decline of 75,000 immigrant residents in 2018.
- Immigrants contribute $232 billion to […]