Secretary Pritzker visited Orlando, Florida, today as part of her overall listening tour to hear directly from business leaders on how the public and private sectors can work together to strengthen the economy and create American jobs.
While in Orlando, Secretary Pritzker met with local business leaders on the need to pass comprehensive immigration reform, which is key to the country’s economic growth. She shared her story as an entrepreneur coming from a family of entrepreneurs, including her great-grandfather who emigrated from Russia to the United States.
Pritzker referenced a recent White House report citing the Economic Benefits of Fixing Our Broken Immigration System. The value of immigrants to the American economy cannot be understated. More than 40% of Fortune 500 companies were founded by immigrants or their children. One-fourth of U.S. Nobel Prize winners over the years have been foreign-born. While immigrants account for only about 13% of the U.S. population, they start about 28% of all new businesses, according to an analysis of Census Bureau data.
Florida businesses were very aware of the power of immigrants to drive an economy. Nearly one-fourth of the labor force is foreign-born and about 30% of business owners are immigrants who generate over $13 billion in annual income. Through reform, it’s estimated that Florida’s economic output would increase next year by $1.8 billion and create 22,000 new jobs. According to one model, reforms in the Senate bill including a pathway to earned citizenship and an expansion of high-skilled and temporary worker programs would increase personal income for Florida families by over $6.5 billion in 2020.