Worcester and Massachusetts: Leaders in Economic Innovation and the Importance of Immigration Reform

Strategic Insights -

Worcester and Massachusetts have long been at the forefront of economic innovation, with a rich history of attracting immigrants who have played a crucial role in shaping the region's industries and businesses. From Genzyme to Proctor & Gamble, IBM to Apple, many of the world's most innovative companies have been founded by immigrants and their children. Today, the Worcester region is home to a thriving life sciences sector, with companies like Abbott Labs and Vertex Pharmaceuticals leading the way in medical innovation.

Key Takeaways:

  • Over 40 percent of America's Fortune 500 companies were founded by immigrants or children of immigrants, according to a new report by the bipartisan Partnership for a New American Economy.
  • These companies employ 10 million people worldwide and generate revenue greater than the GDP of every country outside the U.S. except for China and Japan.
  • For every temporary high-skilled visa a technology company issues, an estimated five new jobs are created.
  • Immigrants are twice as likely to start a business, filling gaps in the workforce that allow current businesses to grow and create jobs.
  • The Department of Agriculture estimates that every temporary visa issued creates three additional jobs by increasing demand for managers, shippers, and suppliers.
  • Communities like Worcester, with high numbers of foreign students, need to retain the creative presence of highly educated, well-trained graduates.
  • Removing arbitrary caps on the number of highly skilled workers who can work temporarily in the United States is essential to addressing the major flaws in the national immigration system.

Statistics:

  • 40 percent of America's Fortune 500 companies were founded by immigrants or children of immigrants. (Partnership for a New American Economy)
  • These companies employ 10 million people worldwide and generate revenue greater than the GDP of every country outside the U.S. except for China and Japan. (Partnership for a New American Economy)
  • For every temporary high-skilled visa a technology company issues, an estimated five new jobs are created. (Undisclosed source)
  • Immigrants are twice as likely to start a business. (Undisclosed source)
  • The Department of Agriculture estimates that every temporary visa issued creates three additional jobs by increasing demand for managers, shippers, and suppliers. (U.S. Department of Agriculture)
  • The Worcester region is ranked No. 1 and No. 3 in job market growth among major U.S. metropolitan areas, respectively. (Undisclosed source)

Sources:

  • O'Brien, J. C., & O'Sullivan, K. (2022). As I See It: Immigration Reform Is Economic Imperative for Worcester and Massachusetts.
  • Partnership for a New American Economy. (2022). New Report: Immigration Plays Critical Role in America's Economic Growth.
  • U.S. Department of Agriculture. (Undated). Economic Impact of Temporary Work Visas.