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The pandemic effect on Hispanic Americans: looking back, and looking forward

Snacks / Wednesday, September 15, 2021

Lay down the stats… Hispanic and Latino Americans are still far from the pandemic recovery finish line. The community has been disproportionately affected, both from economic and health standpoints. Latinos account for over half of the US' population growth over the past decade, and make up ~18% of the total population — but represent nearly 30% of coronavirus cases.

The pandemic effect… Hispanics have a higher labor force participation rate than any other US demographic. But Covid sparked a sharp surge in unemployment — and the economic effects still linger today. That’s partly because Latinos are disproportionately represented in industries that were hardest hit, like restaurants and hotels. With Hispanics already earning 26% less than their white counterparts pre-pandemic, elevated unemployment has been even harder to endure financially.

  • Today: While the Latino unemployment rate is falling, it was 6.4% in August — compared to 4.5% for white Americans, 4.6% for Asian Americans, and 8.8% for Black Americans.
  • Still… Over the course of the pandemic, Latinos have become more optimistic about the country's direction and the situation of US Latinos.
  • As one of the largest and fastest-growing populations in the US, the Latino community has seen major economic growth over the past decade.

There's more growth ahead… Hispanic Americans saw faster income growth than any other major demographic group from 2014 to 2019. Despite pandemic challenges: in the past two-years, Latino-owned businesses grew revenue at an average rate of 25% per year, vs. 19% for white-owned businesses. The young and educated Latino labor force is expected to continue driving growth for the US economy. Case-in-point: If the US Latino market was its own country, it'd be the 8th-largest economy in the world.

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