As we continue to celebrate Hispanic Heritage Month, Joint Economic Committee Democrats and the Congressional Hispanic Caucus have released a fact sheet on the “Economic State of the Latino Community in America.”
The fact sheet outlines the latest statistics on the economic well-being of the nation’s Latino community, including population, employment, and earnings statistics, and other key indicators.
Latinos continue to be one of the fastest growing minority groups in the United States, and account for a combined $1.3 trillion in economic activity. Latinos are also more likely than the general population to become entrepreneurs. However, the unemployment rate for Latino workers stands at 5.1 percent compared to 3.7 percent for white workers.
“This Hispanic Heritage Month, we celebrate the immense contributions that Hispanic and Latino communities have made to the economic and cultural fabric of this country,” said Sen. Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “It is also important we recognize that Hispanics and Latinos continue to face an economic picture that is not the same for other communities. Despite contributing over a trillion dollars to our economy, Hispanics and Latinos continue to experience higher rates of poverty and unemployment. The Hispanic and Latino communities must be at the table as we work towards building an economic future that works for everyone.”
“The Hispanic community’s prosperity and progress is fundamental to the continued success of America,” said Congresswoman Michelle Lujan Grisham (NM-01), Chair of the Congressional Hispanic Caucus. “Hispanic entrepreneurs spur job creation, Hispanic consumers pump hundreds of billions into the national economy, and Hispanic employees make up nearly 1 in 5 of America’s private sector workforce. Gains in the average household income of Hispanic families have been hard earned. While there has been a slight decrease in overall poverty rates, it is critical that we continue policies that invest in Hispanic communities and support Hispanic families. Abandoning strategies and investments that are proven to work will undermine any progress we have accomplished. The CHC remains committed to advance policies that will ensure economic growth for Hispanic communities and the country.
Other key takeaways of the fact sheet include:
- More than one in six Latinos lived in poverty in 2016.
- Latinos make up nearly 17 percent of the private sector workforce.
- Latino household income has surpassed the 2000 peak. Household income for Latinos reached $47,675, surpassing the late 2000 peak of $46,244 but still well below the current national average of $59,039.
Click here to view the fact sheet.
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