How Immigrants and Refugees Contribute to Akron’s Growth
A recent study by the Partnership for a New American Economy comissioned by the Knight Foundation highlights the critical role and economic contributions of immigrants and refugees in Akron. Below are a few of the key findings from the report.
Immigrants and refugees:
Help offset Akron’s population decline
Akron’s total population decreased by 1% from 2007-2013. The 30.8% increase in the immigrant and refugee population helped offset population decline in Akron.
Boost Akron’s economy
Foreign-born residents held a disposable income of about $137 million in 2013, contributing an estimated $17 million in state and local taxes. Contributions also include $18.8 million to Social Security and $4.4 million to Medicare.
Support the housing market
35% of foreign-born residents are home-owners and 16.8% own their home without any debt.
Contribute to the labor force
1,156 local manufacturing jobs were created or preserved because of immigrants and refugees. 11.1% of immigrants and refugees in Akron are self-employed or run their own business, compared to 6.2% of U.S.-born residents.
Have significantly higher levels of educational attainment
27.4% of foreign-born hold Bachelor’s degrees, compared to 18.2% of the U.S.-born population in Akron.
Photo by Shane Wynn for akronstock.com