OPINION: “The U.S. cannot continue to stymie the Hispanic community’s economic security. Creating a more inclusive labor market with pathways to economic opportunity for all will mean that the next decade is marked by a stronger, more resilient economy.”
Hispanic Heritage Month, which runs from Sept. 15 through Oct. 15, is a time to reflect on the many ways Hispanic Americans work to make America a better place. They are crucial contributors to the U.S. economy, and are projected to become even more critical to the labor force, accounting for the majority of net new workers this decade.
Historic gains since pandemic The pandemic exacerbated the longstanding undervaluation of the Hispanic and Latino community, which faced mass job loss and record high unemployment rates. During the COVID-19 recession, Hispanic and Latino people had the highest unemployment rate of any racial or ethnic group, with the rate for Hispanic and Latino women rising to 20.1% and the rate for Hispanic and Latino men to 16.5%.
The report also highlighted that, while Hispanic and Latino people work at higher rates than any other racial or ethnic group, there are significant disparities in terms of their job quality and security. To encourage the creation of high-quality jobs, for example, the IRA provides additional tax credits for employers that pay prevailing wages and hire apprentices. Many of these jobs will be in the construction industry, one of the largest employers of Hispanic men. However, these same workers are also overrepresented in low-wage roles within the construction industry, making up 44% of construction laborers—the lowest-earning construction occupation.
The U.S. cannot continue to stymie the Hispanic community’s economic security. Creating a more inclusive labor market with pathways to economic opportunity for all will mean that the next decade is marked by a stronger, more resilient economy—where everyone has the chance to thrive.
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