Closing the Skills Gap: The Data Behind Talent Shortages, High-Skilled Immigration, and Economic Impact
This report examines the severity of the current skills gap in the U.S., the implications it has for the economy, and the role that high-skilled immigration can play in closing the gap. If left unaddressed, according to the authors, the talent shortage of workers with post-secondary degrees will result in more than 9 million job vacancies and $1.2 trillion in lost production over the next decade. While education reform is critical for narrowing the skills gap, the report argues that education is a two-decade investment that will not solve the current skilled labor shortage. With the U.S. not producing enough skilled degree holders to fill demand, expanding high-skilled immigration, the authors suggest, is the best solution to shrink the current skills gap and stimulate new business development and economic growth. The report further argues that this type of immigration expands the country’s tax base, increases entrepreneurial activity and innovation, creates more jobs and opportunities for Americans, and strengthens America’s position as a global leader. The authors recommend that Congress update H-1B visa guidelines to increase the number of high-skilled immigrants allowed into the country. The report concludes with tech sector reports on all 50 states analyzing the role of immigration in sustaining the state tech sector.
(2022, March). Closing the Skills Gap: The Data Behind Talent Shortages, High-Skilled Immigration, and Economic Impact. TechNet. https://technetorg.app.box.com/s/s8dw46rxegzna8gjoizb6yk5iq4n3fcz