Marketplace All-in-One Immigration and job growth are linked, Fed says
Feb 18, 2026
Neil Mahoney, a Stanford economist studying the cost of hassles, Elizabeth Troval, an energy reporter explaining regional fuel drivers, and Nova Safo, a correspondent on immigration and labor, discuss immigration slowdowns linked to local job growth. They also cover which industries are affected, California’s high gas prices, and the economic toll of paperwork and spam.
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Immigration Flows Drive Local Job Growth
- Areas with big slowdowns in unauthorized immigration saw the biggest slowdowns in employment growth.
- The San Francisco Fed links immigration flows directly to local job growth, not job displacement.
Immigration Shortfalls Hurt Housing Supply
- Fewer immigrants mean a shrinking native-born workforce and harmed economic growth.
- Michael Clemens warns reduced migrant labor will slow industries like construction and housing supply.
Immigrants Contribute Beyond Labor
- Fewer immigrants reduce tax revenue and consumer spending, the economy's multifaceted losses.
- Zee Hernandez stresses immigrants contribute beyond labor to fiscal and demand-side strength.