The tech industry is growing in Arizona and nationally, with net employment in 2018 bringing on more than 260,000 new jobs nationally. Since the employment shortage that followed the Great Recession a decade ago, net tech employment has increased by an estimated 1.9 million jobs. Yet, as the industry is growing, it’s leaving people of color and women behind. READ MORE AT CRONKITE NEWS
Projections show half of all homebuyers nationally will be Hispanic in the next decade. Latinos are the only demographic in the U.S. to increase their rate of homeownership for each of the past six years, according to the National Association of Hispanic Real Estate Professionals. Oklahoma had the fifth-highest growth at 95.5% from 2009 to 2019, according to NAHREP. READ MORE AT THE JOURNAL RECORD
Latinos are an economic engine for the US. They are the fastest growing minority: by 2030, 1 in 5 workers will be Latino. And they have the highest rate of entrepreneurship of any race: their businesses have grown by 12.5 percent over the past five years, compared to 5.3 percent for White-owned businesses. READ MORE AT MCKINSEY & COMPANY
Latinos are projected to make up 22.4 percent of the US labor force by 2030 and more than 30 percent by 2060. Yet they remain concentrated in roles generally dismissed as “jobs no one else wants to do.” They are underpaid, less likely to have nonwage employer benefits, and disproportionately vulnerable to disruption. The $288 billion annual gap in income compared with non-Latino White workers not only represents lost economic opportunity but has significant implications for Latinos’ ability to start businesses, build wealth, and fully participate as consumers. READ MORE AT MCKINSEY & COMPANY
Latinos will make up more than 1 in 5 U.S. workers by 2030. Yet despite high rates of job participation and entrepreneurship, a massive wage gap is one of the factors hindering their economic mobility, a new study has found.
The wage gap for Latinos is as high as $288 billion per year, according to "The economic state of Latinos in America: The American dream deferred," a report by McKinsey & Co. in partnership with the Aspen Institute, which was released Wednesday. READ MORE AT NBC NEWS
There have been more new businesses formed so far this year than ever. Literally ever.
According to data from the US Census Bureau analyzed by the Economic Innovation Group, there were about 1.4m new startup applications filed with the government through 30 September 2021. That’s compared with 1.14m during the same period in 2020 and 987 thousand in 2019. Every year before had been significantly less. READ MORE AT THE GUARDIAN
Hispanics and Latinos make up almost 19% of the U.S. population (or 62.1 million out of more than 332 million), according to the 2020 Census. Keeping this projected growth in mind, SmartAsset examined data to determine the cities where Hispanics and Latinos fare best economically nationwide. This is SmartAsset’s first study on where Hispanics and Latinos fare best economically. As part of our ongoing diversity coverage, you can also read our studies on where Black Americans and Asian Americans fare best economically. READ MORE AT MONEYTALKSNEWS
Hispanic Americans have long dealt with racial discrimination and unfair lending practices, contributing to a racial wealth gap between Hispanic and white families. A survey from the Pew Research Center found that 70% of Hispanic Americans said they didn't have emergency funds to cover at least three months of expenses during the pandemic, and more than half said they worried daily or frequently about keeping up with expenses.
Those already-grueling financial circumstances have only grown worse over the past 18 months. Earlier in the pandemic, the Paycheck Protection Program provided over $521 billion in funding and over 5 million PPP loans to small businesses. However, Latino business owners didn't reap the benefits of the first round of funding. READ MORE AT INSIDER
Fear of never being able to pay off school loans is keeping many young Latinos in the U.S. from going to college or completing a degree, according to a report published in September. Latinos tend to have more difficulty repaying school debt than white student borrowers, according to Federal Reserve data, at the same time that they need more loans in order to afford tuition. READ MORE AT AXIOS
Latinos play a key role in economic growth as their buying power jumped to more than $1.7 trillion, according to a report from the University of Georgia. In 2020, the census pointed out a drastic national spike, with Latinos making up more than half of the population’s growth.
Their buying power is a driving force in economics as they reach closer to nearly $2 trillion, according to US Hispanic Market Report. READ MORE AT NBC10 NEWS
Florida is one of the many states in the U.S. whose name is Spanish in origin. “La Florida” which can be translated to mean “the flowering” references the beautiful flowers that grow and blossom here. Florida’s name is not the only mark that Hispanic people have left on the state, especially South Florida.
Although the arrival of Spanish-speaking people came long before the 1930s, most Hispanic contributions can be traced to large immigration groups of Cubans, Venezuelans and Nicaraguans. READ MORE AT THE CURRENT
A new study finds that both the labor market and the broader economy will become increasingly anchored by a young, dynamic population of Latino workers — a finding that has implications for everything from employers’ investment decisions to local economic diversification, to the functioning of critical social safety net programs.
According to the 2021 U.S. Latino GDP Report, Latinos have contributed close to three-quarters of the entire labor force expansion that has taken place since the Great Recession. READ MORE AT NBC NEWS
After losing 66 percent of their household wealth in the Great Recession, Latino homeowners could now be poised to lead the country's economic recovery.
Latinos have increased their homeownership rate for six consecutive years, according to a 2020 report from the National Association of Hispanic Real Estate Professionals. READ MORE AT NBC NEWS
Latinos drove the country’s demographic growth, shooting up to 62.1 million, the Census Bureau announced Thursday. One of the biggest findings is the big growth in Latinos who identified as more than one race, while the number of Hispanics who identified as white dropped significantly. READ MORE AT CNBC NEWS
Hundreds of thousands of Latinas dropped out of the workforce over the past year. They were not just temporarily unemployed — they were forced to completely leave the labor market due to a safety net that often proved inaccessible and inequitable during the pandemic. READ MORE AT CALMATTERS
Latinos in the U.S. were hard hit by the pandemic both financially and personally, but many feel generally optimistic that the worst is behind them, according to a new study by the Pew Research Center.
The study published on Thursday surveyed 3,375 Latinos in the U.S. in March. It comes as coronavirus infections are on the upswing in the U.S. again. READ MORE AT U.S. WORLD & NEWS REPORT
Amid the recent real estate bull market, one fact has been often overlooked: More than half of home ownership growth over the past decade has come from the Latino population. That trend is expected to continue. A study by the Urban Institute forecasts Latino buyers will comprise 70% of home ownership growth from 2020-2040, serving as the growth engine of American home buying. READ MORE AT CNBC
Consumer confidence among U.S. Hispanics fell in the second quarter, though optimism about their overall finances is building as the nation continues its recovery from the COVID-19 pandemic.
The Hispanic Consumer Sentiment Index decreased to 90.8 from 92 in the first quarter, but it remains high above the 82.8 during the second quarter of last year, according to the Florida Atlantic University Business and Economics Polling Initiative (FAU BEPI) in FAU’s College of Business. READ MORE AT FLORIDA ATLANTIC UNIVERSITY
White men now make up the minority of business owners in the United States, a shift driven by fast growth in women- and LatinX-owned businesses, and one that has profound implications for the country’s finance and innovation infrastructure.
LatinX owned businesses have been growing at a rate of two- to-four times the rate of the overall population since 2015, when Porras’s organization began surveying them. He estimates that there are 1 million net new LatinX-owned businesses created every five years. READ MORE AT FORBES
Even without the kind of spending on Latino turnout that some had hoped to see, they registered and voted in record numbers in the 2020 presidential election, according to a City University of New York study.
The election saw a dramatic rise in registration and voting by some 18.7 million Latinos, so that about 1 in 10 voters was Latino.. READ MORE AT NBC NEWS
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