When immigrants choose to settle in an area, they bring with them a rich cultural and economic infusion to local communities. In the Greater Cincinnati Metro Region, immigrants generate $1.5 billion in spending power, nearly $190 million in state and local taxes and more than $320 million in combined contributions to Social Security and Medicare. Read below for more information.
A growing body of research shows that when cities like Cincinnati welcome immigrants, their economies enjoy powerful benefits. Immigrants infuse local communities with a unique combination of highly skilled workers and entrepreneurs. At the same time, foreign born populations generate billions in purchasing power and taxes which drive local economies and increase contributions to our infrastructure and social programs such as social security and medicare.
Did you know that foreign-born entrepreneurs were behind more than half of the country's billion dollar startups. In 2014, Ohio's immigrant entrepreneurs generated nearly $532 million in business income. Our state's immigrants make up a marginal 4.2 percent of our total population. And yet they account for 7 percent of our state's entrepreneurs.
Thinking about Ohio's Fortune 500's, nearly a full third of these companies have been started by immigrants and their children. Today, these businesses generate just over $207 billion in taxable revenue every single year. Here in Metro Cincinnati, our foreign born population makes up less than 4 percent of all residents, but unsurprisingly, 1 out of every 10 people who work in a STEM related sector are in fact folks who have found their way to Cincinnati from other nations.
What about taxes? It turns out that here in the Queen City, our foreign-born residents contribute heavily to Social Security and Medicare. In fact, they've add at least $300 million to these funds based on findings from a 2012 study. Even when we look at the Undocumented Immigrants, these people contribute at least $84 million in taxes annually. If granted some form of legal status, this contribution would grow by another $25 million dollars every year.
Once we dig into the numbers, we begin to see that we're really looking at a story about people who work hard to contribute locally at an outsized rate. We begin to understand that immigrants enrich our communities with creativity and drive that lead to stable markets for small, mid-size and large businesses. Finally, these numbers help us to more firmly grasp the fact that we're not simply looking at how immigrants contribute to our neighborhoods today, but rather we realize how their impact will bolster and benefit our communities for generations to come.
The Impact of Immigrants and Internationals on our Regional Economy.
Meeting the Talent Challenge in a Global Economy