San Francisco Fed Study Links Lower Immigration to Slower US Job Growth
New research shows declining unauthorized immigration has slowed US job growth. This trend particularly impacts construction and the future housing supply.
The Federal Reserve Bank of San Francisco published research today, February 17, 2026, finding that a decline in unauthorized immigrant worker flows (UIWF) has slowed local employment growth across the US 
US. The study, authored by Daniel Wilson and Xiaoqing Zhou, reports that the drop in these worker flows began in March 2024 and has had a significant impact on the construction sector and the manufacturing sector.
US. The study, authored by Daniel Wilson and Xiaoqing Zhou, reports that the drop in these worker flows began in March 2024 and has had a significant impact on the construction sector and the manufacturing sector.
