Treasurer Pieciak: Welcoming New Americans will strengthen Vt. economy

October 23, 2024  |  By Mike Pieciak 

As Vermont’s treasurer, I am committed to growing Vermont’s economy and building a more inclusive future for our state. To keep our economy on a positive track, we must address our demographic challenges and grow our workforce. 

I regularly hear from employers about the difficulty of finding workers—a challenge impacting all sectors of our economy, from small businesses and our largest companies to service providers and local governments. One way to grow our workforce is to address our housing shortage, and though we’re making strides to build more homes, it’s clear that solving Vermont’s demographic challenges will require more than new housing. 

To prepare Vermont’s economy for the future we need to continue welcoming New Americans to our state. 

Throughout the state, we’re seeing real benefits from immigration. Winooski’s successful efforts to welcome New Americans have brought young residents, a host of thriving refugee-run local businesses, hardworking new employees for existing businesses, and new customers for existing shops and services.  

Bridge to Rutland, a grassroots nonprofit dedicated to supporting asylum seekers, has played a crucial role in helping migrants settle in the area, supporting local population growth. In Montpelier, the Central Vermont Refugee Action Network has welcomed several families from Afghanistan, including those who served as translators for the U.S. in their home country. These community-led initiatives are a healthy part of our democracy and, increasingly, a vital part of our economy. 

Studies show that immigration nationwide is an overwhelmingly positive driver of economic growth. The nonpartisan Congressional Budget Office projects that from 2024 to 2034, immigration will reduce U.S. deficits by $900 billion and increase federal revenues by $1.2 trillion. These economic benefits don’t account for the value added to local communities by welcoming individuals with new experiences, skills, and dreams.  

Welcoming new Americans to Vermont’s communities will strengthen our workforce and economy. Longer term, the boost to Vermont’s population will grow our tax base and help maintain our excellent credit ratings, making it easier to invest in critical initiatives like housing and climate resilience. 

In 2023, Maine established the Office of New Americans. This office helps integrate foreign newcomers in Maine to strengthen the state’s workforce and economy. Initiatives like these are forward-looking and are an important reminder to ensure Vermont does not lose out on the economic and societal benefits of immigration to neighboring states. 

One of Vermont’s greatest strengths lies in our welcoming and inclusive communities. As damaging falsehoods about immigration circulate in national political discourse, it is important to remember that new Americans have always played a key role—in Vermont and across our country—in building strong, resilient communities and economies. Our future will be no different.  

As Vermont’s treasurer, I stand firmly with my fellow Vermonters—both newcomers and longtime residents—in wholeheartedly welcoming new Americans to our state. Their contributions are vital to our shared future, and I’m proud to know that so many Vermonters already share this vision.

Mike Pieciak is Vermont State Treasurer.