According to a recent study undertaken by the City of Los Angeles, the Los Angeles Area Chamber of Commerce, and the nonprofit New American Economy over a third of the America’s GDP is generated by immigrants. At the same time The New Americans in Los Angeles study found that they account for over 50% of the self-employed workers in LA. Other figures from the study found that in 2014, LA County foreign-born residents generated almost $233 billion in economic activity which comprised 35 percent of LA’s $653 billion GDP.
Other benefits LA County is reaping from the foreign immigrants was the recorded amount they paid for federal, local and state taxes in 2014 which accounted for over $25 billion. In addition, their spending power weighed in at $70 billion and their businesses generated $7.2 billion. Furthermore, immigrants in LA make up 53 percent of the self-employed workers.
Meanwhile, a recent report put out by the LA County Economic Development Corporation found that the Asian community in Southern California is enjoying “significant economic power.” With over 1.4 million Asians living in the region (a mere 14.5 percent of the population), this demographic’s economic power is disproportionately higher than its size. The findings showed that the median household income for the 489,175 Asians in LA was $70,440, substantially higher than LA’s overall median of $59,135. In addition, it was discovered that their annual expenses on basics like food, clothing and housing was lower than that of the average population.