Congress Joint Economic Committee (JEC) and Congressional Hispanic Caucus (CHC) officials have released a new report highlighting Hispanic American economic growth contributions.
The analysis, in conjunction with National Hispanic Heritage Month, also explores how Hispanic workers and families are faring in the present economy.
“Hispanic Heritage Month is an opportunity to honor the essential and far-reaching contributions of Hispanic Americans to the collective prosperity of the United States,” JEC Chairman Rep. Don Beyer said. “As this report makes clear, Hispanic workers, families, and businesses have served—and continue to serve—as pillars of strength to communities nationwide and to the U.S. economy as a whole. But for all the progress that has been made to address systemic barriers facing Hispanic communities, there is still work to do to promote better wages and job quality, alleviate poverty and ensure equal access to educational opportunities and homeownership.”
The median net worth of white families is five times higher than that of Hispanic families; unemployment among Hispanic workers is 41 percent higher than that of white workers; and nearly five million Hispanic-owned businesses contribute over $800 billion to the domestic economy each year while employing over three million workers.
The report also acknowledges that Hispanic businesses face continual financing barriers, restricting business formation and development.
“The report by the Joint Economic Committee under Chair Don Beyer’s leadership clearly shows America’s Hispanic workforce is driving economic growth today and will continue to do so for years to come,” CHC Chair Rep. Raul Ruiz (D-CA) said. “While there is much to celebrate, we must continue to work to address the injustices that Hispanics face in the labor market, help small businesses overcome barriers to financing, and ensure Hispanics are financially prepared for retirement.”