Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today applauded actions taken by President Biden to attract STEM talent and strengthen U.S. competitiveness. The following statement can be attributed to TechNet President and CEO Linda Moore:
“Immigrant innovators, entrepreneurs, and workers have fueled economic growth since our nation’s beginning. The U.S. remains in a global race for talent. We must welcome the world’s best and brightest, and their families, so they can put their talents to work for the American economy.
“Last month, we released a report on the data behind talent shortages, high-skilled immigration, and economic impact. The results were clear: increasing skilled immigration in communities across the country is the best solution to fill current talent shortages, create new opportunities and higher wages for American workers, and help businesses grow and compete. Failure to close the existing skills gap would cost our economy over a trillion dollars in lost production this decade.
“We applaud President Biden and his administration for today’s actions to increase STEM talent, strengthen our economy, and increase America’s global competitiveness. We also urge Congress to come together and pass much-needed immigration reforms that can provide further relief to businesses and spur innovation and economic growth.”
According to TechNet’s recent report, “Closing the Skills Gap: The Data Behind Talent Shortages, High-Skilled Immigration, and Economic Impact,” if left unaddressed, the talent shortage of workers with a post-secondary degree will result in more than nine million job vacancies and $1.2 trillion in lost production over the next decade. The report examined state-by-state data and found that expanding high-skilled immigration is the best solution to shrink the current skills gap and contribute to new business development and economic growth. It also showed that expanding immigration does not come at the expense of American workers, with immigration boosting employment and earnings potential for American employees. Read the full report here.