Sending Money Home
New research findings released on October 18, 2006 by the Inter-American Development Bank estimate that 12.6 million immigrants are sending money home on a regular basis. Around $45 billion in remittances will be transferred this year from the United States to Latin America. Even though this represents a $15 billion increase from the 2004 figures and it constitutes a tremendous source of income for Latin American countries, the survey suggests that around 90 percent of the money earned by Latin American migrants remains in the United States, contributing to local economies.
Another major finding is that immigrants' money transfers to Latin America flow from 48 out 50 states. States with large Hispanic populations continue to be at the top of the list (with remittances totaling over $3 billion): California, Texas, New York, and Florida. Nevertheless, dramatic increases came from Midwestern, Great Plains and Southeastern states.
More than half of migrants reported being unemployed in their countries of origin when they moved to the United States. At the same time, almost 40 percent said they found a job here within a month.
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