The city of Los Angeles has been a hotspot for immigration for a long time, partly due to the pleasant climate, but also because of the economic conditions present in the region. However, some people may advise landing in New York, Chicago or Northern California when seeking immigration to the United States, ignoring the many benefits of living and working in the Los Angeles region.
The latest numbers suggest that this city is a prosperous area for many types of immigrants seeking opportunity in the U.S.
The boom in prosperity is driven by strong growth in Chinese markets have resulted in significant immigrant investment in Los Angeles. Overall, affluent citizens of China invest 16 percent of their assets overseas, mostly in the United States, Canada and Australia. Real estate is the most common type of investment, with Los Angeles service as the most popular destination, over San Francisco, New York and Vancouver.
As well as serving as a solid long-term investment that hedges against local economic conditions, this rapidly growing type of immigration is driven by the desire to enjoy the lifestyle that people in Los Angeles enjoy. This city generates the second biggest economy in the United States, which increases the number of opportunities for those interested in business and employment immigration applications.
As generations of immigrants have strived to take advantage of opportunities in the United States, statistics show that a greater number of those not born in the U.S. have prospered during their time in Los Angeles. More immigrants have high school diplomas than ever and 41% of all Ph.D degrees are held by those who immigrated to the city.
The predicted economic growth of Los Angeles also suggests that the potential for continued upward mobility will remain present for the foreseeable future. The state of California is expected to enjoy growth that outpaces the rest of the United States until at least 2020. The demand for goods and services out of Los Angeles is driven in part by international trade with China, who seeks exports from California.
Job growth in Los Angeles is expected to amount to 2.9% during 2015 and 2.4% for 2016, compared with 2.1% and 1.8% for the United States as a whole. The housing market will also drive spending in the Los Angeles region, thanks to an increase in real estate value in the city.
Immigrants make up just over a third of the population of Los Angeles, contributing to one of the most diverse cities and cultures in the world. In terms of overall economic impact, information from the Bureau of Economic Analysis states that immigrant workers “contribute about 43% of the region’s GDP”, constituting a significant portion of the region’s productivity. Households with immigrants represent 36% of income in the area, which shows influence in terms of spending power.
The California Immigrant Policy Center notes that due to the high education level of Los Angeles immigrants, “immigrant workers represent a source of untapped labor market potential.” This means that applicants looking for opportunities to apply for immigrant work programs should consider L.A. as a great destination.
Compared to surrounding regions, Los Angeles ranks at the top in terms of the infrastructure that supports naturalization of immigrants in the city. The city also ranks highly in terms of media outreach that communicates important information and a welcoming atmosphere for newcomers. Naturalization rates are higher than cities such as Chicago, with those from China and the Philippines achieving rates of two-thirds or more for naturalized immigration.
This shows that Los Angeles acknowledges the importance of immigration to the city and the country as a whole, enticing talent and capital from around the world.
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