Immigration reform in America would broaden and accelerate the current housing recovery, in addition to feeding the growth of the economy by adding new, younger workers into the labor force, a report from the Bipartisan Policy Center said.
In a report titled “Immigration Reform: Implications for Growth, Budgets, and Housing,” the policy center argues that immigration reform can produce powerful economic benefits.
Immigration reform would jump-start the housing recovery by dramatically increasing demand for housing units, growing residential construction spending by an average of $68 billion per year from fiscal year 2014 to 2023, the report said.
The 20-year period includes a peak of more than $110 billion per year in fiscal year 2022 through 2025, with the first decade’s annual average about $56 billion per year higher, and the second decade’s about $81 per year billion higher.
However, if all unauthorized workers were removed, spending would decline by more than $100 billion per year compared with the baseline, or the current projections if no change was made, and more than $175 billion per year compared to the reference case.