The growth engine returns
In 2024 and 2025 the U.S. added roughly 2.2 million working-age immigrants—its largest inflow in decades. Immigration accounted for nearly 80 percent of labour-force growth, offsetting low birth rates and retirements. Without this influx, the labour shortage would be far worse.
Table 1. Recent Population and Immigration Trends
| Metric | 2019 | 2023 | 2025 (f) |
|---|---|---|---|
| Net International Migration (M) | 1.0 | 1.6 | 2.2 |
| Total Population Growth (%) | 0.5 | 0.8 | 1.0 |
| Prime-Age (25–54) Share (%) | 63.0 | 63.7 | 64.1 |
Sources: Census Bureau, CBO.
Table 2. International Comparison
| Country | Annual Net Migration (per 1,000) | Median Age |
|---|---|---|
| United States | 6.4 | 38.6 |
| Canada | 9.2 | 40.8 |
| Germany | 4.0 | 45.0 |
| Japan | 0.2 | 49.0 |
Source: OECD Demography 2025.
Economic impact
New arrivals support consumption and housing demand but also heighten short-term service pressure in education and health. Labour supply growth eases wage inflation without eroding aggregate demand.
Strategic takeaway
Immigration remains the U.S.’s core competitive edge. Companies should broaden recruitment to international talent pools and expand mobility programs as visa policy liberalizes under economic pressure.