1. THE RISING IMPORTANCE OF IMMIGRANTS Don Drummond, Economic Advisor May 6, 2010

2. TD Economics provides analysis of economic performance and the implications for investors. The analysis covers the globe, with emphasis on Canada, the United States, Europe and Asia. Contact Information Phone: 416 982 8065 Email: td.economics@td.com

3. LABOUR FORCE GROWTH TO SLOW

4. PRODUCTIVITY GROWTH IN CANADA HAS BEEN ABYSMAL IN THE LAST HALF DECADE

5. POTENTIAL GDP IS IN LONG RUN DECLINE

7. IMMIGRATION BECOMING INCREASINGLY IMPORTANT IMMIGRATION

8. CONCENTRATING IN URBAN CENTERS IMMIGRATION

9. BUT LABOUR MARKET OUTCOMES ARE VERY POOR IMMIGRATION

10. MORE IMMIGRANTS WORK PART-TIME INVOLUNTARILY IMMIGRATION

11. …OR ARE HIRED ON A TEMPORARY BASIS IMMIGRATION

12. AND THE EARNINGS GAP HAS BEEN GROWING IMMIGRATION

13. EVEN WORSE FOR THOSE WITH UNIVERSITY DEGREES IMMIGRATION

14. IMPORTANT NON-WAGE BENEFITS ARE LOWER FOR IMMIGRANTS IMMIGRATION

15. THUS, LOW INCOME RATES AMONG IMMIGRANTS HAVE RISEN IMMIGRATION

16. LOW INCOME OUTCOMES RISING SHARPLY RELATIVE TO CANADIAN-BORN CITIZENS IMMIGRATION

17. MANY IMMIGRANTS WELL EDUCATED IMMIGRATION

18. BUT THEIR SKILLS ARE UNDERUTILIZED IMMIGRATION

19. ESPECIALLY IN SOME HIGH-VALUE PROFESSIONS IMMIGRATION

20. LARGELY A FUNCTION OF HOME COUNTRY IMMIGRATION

21. EARLIER GENERATIONS COULD HOPE TO CLOSE THE GAP, NEW IMMIGRANTS MAY OR MAY NOT IMMIGRATION

22. IMMIGRANT SOURCE COUNTRIES HAVE CHANGED OVER TIME IMMIGRATION

23. LANGUAGE APPEARS TO BE A DOMINANT PROBLEM IMMIGRATION

24. SPECIFICALLY REGARDING ENTRANCE INTO THE WORKFORCE IMMIGRATION

25. EVIDENT IN THE PRESENCE OF NON-OFFICIAL LANGUAGES IMMIGRATION

26. LITERACY PLAYS A MAJOR ROLE IN ADAPTING TO THE WORKPLACE IMMIGRATION

27. … AND IS STRONGLY CORRELATED WITH PERSONAL INCOME IMMIGRATION

28. INCIDENCE OF LOW INCOME IS HIGHEST AMONG IMMIGRANT CHILDREN IMMIGRATION

29. CHILDREN OF IMMIGRANTS HAVE HIGH EDUCATIONAL OUTCOMES IMMIGRATION