Economy (183)

Latino economy growing faster than the rest of nation

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The economic impact of Latinos in the United States has been growing at more than double the rate of the overall U.S. economy, according to the latest Latino GDP report, released Wednesday by a team of researchers from California Lutheran University and UCLA.

It’s the first time in the report’s history the figure has climbed above $3 trillion. If Latinos in the U.S. were a nation, its economy would be the fifth largest in the world, bigger than that of the United Kingdom, India or France. READ MORE AT VC STAR

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20 cities with the most Hispanics

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California, Texas, Florida, Arizona and New Mexico are the states with the highest Hispanic population. These states also have the highest concentration of Latino-owned businesses. In California, 85,000 of the total 764,000 businesses are owned by Hispanics or Latinos, which is equivalent to over 11% of all businesses in the state. These businesses provide jobs to an estimated 670,000 people and contribute $25 billion towards the state economy. These figures were shared by the Latino Policy and Politics Institute in August 2023. READ MORE AT YAHOO FINANCE

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As patterns of immigration from Latin America change, Venezuelans have now become the fastest-growing Latino group in the U.S., according to the report, which also noted that immigrants make up a declining share of Latinos in the country.

Between 2010 and 2021, the Venezuelan population in the U.S. increased by 169%, from roughly 240,000 to 640,000, researchers found.. Dominicans and Guatemalans followed with growth rates of 60% each.

While Mexicans remain the largest Latino origin group, they had the slowest growth rate — 13%. READ MORE AT THE LA TIMES

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Hispanic American financial institutions were created to provide services to low-income and minority communities, particularly Hispanic American communities. Historically, Hispanic Americans have been affected by discriminatory lending practices like redlining and experienced limited economic opportunities to build wealth.

Hispanic American banks were founded in areas where minority communities lived. These financial institutions were able to connect with their local communities and fill the banking gap by addressing areas like language and culture. READ MORE AT INSIDER

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Who owns America’s businesses?

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As the U.S. population has become more diverse, so has ownership of the nation’s businesses. There were more Hispanic-owned businesses overall and more minority-owned businesses in various sectors in 2020 than a decade earlier, according to the Census Bureau’s 2021 Annual Business Survey (ABS).

The diversity of business owners mirrors the changing profile of the nation’s population. The 2020 Census found that the population of nearly all race and ethnicity groups in the United States had grown since 2010 with the exception of the White alone population, which declined during the decade. READ MORE AT CENSUS.GOV

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Investing in stocks or opening retirement savings accounts has long been elusive for many Latinos, but social media and podcasts that offer culturally relevant financial coaching are turning that on its head. U.S. Latinos' economic power is growing, yet they are less likely than their non-Hispanic white counterparts to have savings, retirement and non-retirement investment accounts. READ MORE AT AXIOS

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According to the 2019 Survey of Consumer Finances (SCF), significant wealth disparities exist between families of different races and ethnicities, including between white households and Hispanic/Latino households. White families have a median wealth of $188,200, whereas Hispanic families have a median wealth of $36,100. Another way to look at the SCF data is that the average white family has five times the wealth of the average Hispanic family. READ MORE AT BROOKINGS

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Hispanics are now confirmed as the largest demographic group in Texas with more than 12 million residents, while non-Hispanic white population is estimated to be 11.9 million, according to new data from the Census Bureau.

Texas added 262,000 new white residents, as well as about 223,000 Hispanic residents from July 2021 to July 2022, but overall Hispanic population outnumbered white population by 128,938 people. READ MORE AT THE DALLAS MORNING NEWS

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A recent study finds the financial capability of Latinos improved over the last decade, but obstacles to Latino wealth remain.

Between 2009 and 2021, the number of Latinos reporting that they had set aside some amount of emergency savings nearly doubled, from 29% in 2009 to 48% in 2021. On the whole, Latino adults reported they were “better able to manage everyday money matters” and experienced less “financial fragility” in 2021 compared to 2009. READ MORE AT MARKETWATCH

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Over the last decade and a half, Latinos have created companies faster than all other demographic groups in the U.S. These companies are younger and consequently smaller than the average business. However, when compared to white-owned businesses, they grow revenues and create jobs at faster rates for all Americans, not just Latinos. If U.S. Latinos were a country, it would be the fifth largest GDP in the world, growing faster than the U.S. economy. READ MORE AT STANFORD GRADUATE SCHOOL OF BUSINESS

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Hollywood companies are facing a series of challenges, including technology disruption, increasing competition, online piracy, economic slowdown, and, importantly, the pressure to demonstrate a continuous growth trajectory. By ignoring the U.S. Latino consumer group, Hollywood may also risk alienating the major source of demographic growth in the country for years to come.

It's time to make Latinos visible again, behind the cameras, in leading roles, and as decision-makers at the C-suites. Hollywood is in the spotlight; industry leaders must recognize the untapped potential of the U.S. Latino consumer group and take decisive action to foster inclusivity, ensuring a thriving and culturally rich future for the entertainment industry. READ MORE AT FORBES

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Data shows Afro Latinos have higher educational attainment rates but fewer markers of financial success when compared to other Latinos. Nearly 80% of Afro Latinos are U.S. born, compared to less than of 65% of other Latinos, and they skew younger too.

An analysis of the data in a report by UCLA's Latino Policy and Politics Institute is among the first to delve into the differences and disparities between Afro Latinos and Latinos who are not Black. Researchers say highlighting the differences is key to illuminating the strengths of Afro Latinos as well as to addressing the unique challenges they face. READ MORE AT AXIOS

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Latinos poised to become economic force

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Over the past decade, Minnesota has seen a 38% increase in residents who identify as Latino or Hispanic. Amid a tight labor market, a new report suggests they could play a big role in bolstering the region's workforce.

This spring, the state Department of Economic and Employment Development issued findings that lay out opportunities and challenges for this population when it comes to economic well-being. For example, Latinos have the highest regional labor force participation rate of any race or origin group - but there are disparities, such as household income. READ MORE AT PUBLIC NEWS SERVICE

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This month, Republicans who control the Arizona fractious Legislature came together with Democrats in a moment of unusual bipartisan accord. They passed a bill that would let Arizona’s home cooks register with the state to legally sell perishable foods like salsas and tamales.

But Katie Hobbs, the state’s new Democratic governor, vetoed the measure last week, citing concerns about the potential for food-borne illnesses, as well as rats and insects in home kitchens. Her veto set off a ferocious culinary and cultural backlash from the Capitol to kitchens across Arizona, offering a political lesson for the new governor: Do not mess with the tamale makers. READ MORE AT THE NEW YORK TIMES

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The dream of homeownership is one shared by many Americans - yet it's a goal too often out of reach for people of color, said Otis Rolley, president of the Wells Fargo Foundation and head of Philanthropy and Community Impact. The reasons for the homeownership gap are many - including historic redlining, challenges to accessing credit and capital, public policy, and the real estate industry intentionally steering people of color away from certain communities and neighborhoods. READ MORE AT MORNINGSTAR

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How to attract more Latinos to work in tech

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Hispanic or Latino/Latinx communities are vastly underrepresented in the tech industry. According to 2020 US Census data, Hispanics account for 19% of the US population, the nation's second largest racial or ethnic group after non-Hispanic whites. While they hold 17% of all jobs in the US, that number falls to just eight percent of STEM roles. READ MORE AT DIGINOMICA

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Financial capability improved among Latinos

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Latino adults have gotten better over the past 12 years at budgeting, managing debt and building personal wealth, according to a new report by the foundation arm of Wall Street's brokerage regulator. But the Hispanic community still faces gaps in financial knowledge, the study found.

Fewer Latinos reported difficulty in paying expenses in 2021 compared to 2009 (50% versus 67%), according to the Financial Industry Regulatory Authority's educational foundation. READ MORE AT FINANCIAL PLANNING

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Why Latino Entrepreneurs are growing rapidly

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“They’re very resilient. They wish for growth: they’re very ambitious, even in difficult times.” That’s Barbara Gomez-Aguinaga, associate director of the Stanford Latino Entrepreneurship Initiative (SLEI) and lead author of SLEI’s latest State of Latino Entrepreneurship report.

According to SLEI, Latino business owners have for many years been outpacing their peers in terms of revenue and payroll growth. Annual growth rates in revenue and payroll were higher every year for Latino-owned businesses than for White-owned businesses through 2019. READ MORE AT FORBES

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Even though Latinos are the second-largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. READ MORE AT CNBC

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Millennial age groups – born mid 1980s to early 2000s – now have more money at hand than they have ever controlled before. And they are spending it, says Olivia Johnson, assistant professor in the Department of Human Development and Consumer Sciences at the University of Houston College of Technology.

Tech gear, cars, travel, fashion, furniture, houses, home security, insurance – everything young consumers might want and would likely need – form a retail turf being fought over by companies seeking to occupy that market segment. READ MORE AT UNIVERSITY OF HOUSTON

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