A new study released Tuesday by the North Carolina Bankers Association (NCBA) shows the profound economic impact immigrants have had on North Carolina’s economy.
According to the extensive study by researchers at the University of North Carolina Kenan-Flagler Business School:
- Hispanic buying power ($9.5 billion) rippled through the state’s economy creating an overall economic impact of $10.3 billion, or $12,895 per Hispanic resident, in 2010.
- Hispanic consumer spending was responsible for creating 92,000 spin-off jobs which, in turn, generated $3.4 billion in spin-off labor income, $460 million in spin-off state and local taxes, $444 million in spin-off federal taxes, and $367 million in spin-off social insurance payments.
- Consumer spending by all immigrants generated 171,000 spin-off jobs, $6.4 billion in spin-off labor income, $1.4 billion in spin-off state and local taxes, $863 million in spin-off federal taxes, and $693 million in spin-off social insurance payments.
- For immigrants and Hispanic newcomers,the state spent$2.3 billion and $2.0 billion, respectively, on essential services— k-12 education, health services, and public safety in 2010
- The state received $2.4 billion and $1.5 billion, respectively, in total tax revenue (direct and indirect contributions) from immigrants ($3,869 per capita) and Hispanics ($1,900 per capita) in 2010.
- $8 in revenue was generated for every $1 the state invested in essential services for immigrants; $5 was generated for every $1 invested in essential services for Hispanics.
The report’s bottom line: The overall economic impact of immigrants and Hispanics has been positive for the state, and underscores the need for an open door immigration policy.
Click here to read “Demographic and Economic Impacts of International Migration to North Carolina.”