A latest report has suggested that the skilled immigrants create fresh jobs and firms that would ultimately support the economy of the country to grow.
The latest report also said that the skilled immigrants are also boon to the domestic labor market of the US.
The report also reveals that restricting the skilled immigration would hurt the US job growth while it also cost domestic firms thousands of dollars for every employee. The report also suggested that the existing H-1B rules are restricting the productivity development in the US, and costing the US firms as well.
The immigration department limits the skilled immigrant numbers that are permitted in the US every year through H-1B visa at 65,000 yearly, but the demand among qualified immigrants to work in the US and the demand for domestic companies for filling the vacant positions need increased level of skills far exceeds that limit. Thousands of employees who will like to immigrate to the US are obstructed from doing this every year, with the USCIS is predicting that it would get around 2,33,000 applications for H-1B visa for the FY 2016-17.
Meanwhile, the critics of the H-1B visa system assert it permits domestic companies to import overseas employees who could be paid cheaper incomes.
The potential immigrants cannot get the H-1B visa until they find a firm who is willing to sponsor them. It is a process that cost the US companies much money.
H-1B visa holders are needed to do the job in occupations that will need a minimum of bachelor degree which means that many of them are from the US or foreign universities.
According to the former New Mexico Governor, the problem the US has in its economy is that there is skills gap in the US. He also said that the US economy requires skilled immigrants.
Another latest study had found that over half of the US billion dollar startup firms has been founded by the immigrants and most of them come to the US on H-1B visa. around 44 firms founded by the immigrants had a collective market value of 168 billion dollars and hired around 760 individuals on an average for per firm.
The report also said that whether they are overseas born or US born, innovative employees drive the productivity growth and develops the economy of the country.
Report finally suggested that a much more open H-1B visa system or a minimum of increased visa limit will assist the economy of the US to generate fresh opportunities for domestic employees. The law must target to minimize the cost to firms in the US for hiring the skilled immigrant employees.