A labor shortage in the U.S., party fueled by a drop-off in immigration, is contributing to supply shortages and price increases.
Joshua Correa, left, steadies a scaffolding for Samuel as they work at a home under construction in Plano, Texas, Tuesday, May 3, 2022. There are an estimated 2 million fewer immigrants than expected in the United States, helping fuel a desperate scramble for workers in many sectors, from meatpacking to homebuilding, that are also contributing to shortages and price increases.
“These 2 million missing immigrants are part of the reason we have a labor shortage,” said Giovanni Peri, an economist at the University of California at Davis, who calculated the shortfall. “In the short run, we are going to adjust to these shortages in the labor market through an increase in wages and in prices.”
Immigration is rapidly returning to its pre-pandemic levels, researchers say, but the U.S. would need a significant acceleration to make up its deficit. Given a sharp decline in births in the United States over the past two decades, some economists forecast the overall pool of potential workers will start shrinking by 2025.
The turn against immigration distresses some Texas business owners. “Immigration is very important for our workforce in the United States,” said Correa. “We just need it.”
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