U.S. Latinos account for $2.3 trillion in economic activity, yet they disproportionately make up a majority of low-wage workers in the service, hospitality and transportation sectors.
The economic fallout of the coronavirus pandemic has devastated this population. The Pew Research Center reports that Hispanic unemployment has spiked, especially among women. Almost 59% of Latinos said in May they live in households that experienced job losses or pay cuts that resulted from the pandemic. About 43% of U.S. adults overall reported the same.
The National Association for Latino Community Asset Builders (NALCAB) created a Latino Economic Agenda with 10 policy recommendations that can strengthen the economic mobility for Latino communities suffering in the pandemic.
Noel Poyo, executive director of NALCAB, said advancing the mobility of Latino communities impacts the entire U.S. economy.
“Being for a strong U.S. economy requires us to solve different challenges and invest in different opportunities in different communities,” Poyo said. “We know the Latino communities that we serve and have really turned the Latino economic agenda into a really specific policy prescription for how we advance these terribly important communities.”
NALCAB is hosting a Latino Economic Policy Summit Oct. 27 and will feature San Antonio Congressman Joaquin Castro as the keynote speaker. Participants will explore how to spur small business growth, strengthen neighborhoods, and promote a robust economic agenda in this time of crisis. NALCAB will also host training sessions Oct. 28–Oct. 30 led by experts in the field of community development.
Editor's note: The National Association for Latino Community Asset Builders is a financial supporter of TPR.
