Nevada is home to more than 717 thousand Hispanics who represent 27% of the state population. However, nearly 1 in every 5 Hispanics in the Silver State lives in poverty. Growing government debt and regulations are hindering real economic growth, job creation, and overall well-being.
Working in Nevada
In 2012, Hispanic Nevadans experienced an unemployment rate of 13.6%, more than 5 percentage points above the national rate of 8.1%. Hispanic median household income has continued to decrease in the state from $49,907 in 2009, to $44,039 in 2012- earning $9,007 less than the national income level.
Doing Business in Nevada
As Nevada continues to recover from the recession, local efforts to boost the state economy are burdened by federal overregulation which jeopardizes its economy and ability to attract new businesses. In 2013, the estimated cost of federal regulations on the economy was $112 billion. At the state level, Nevada experienced a 2% job growth and is currently ranked 36th in the nation for doing business.
Healthcare in Nevada
For Hispanics in Nevada, the Affordable Care Act (ACA) is resulting in higher insurance costs and less access to healthcare. The law especially burdens young Hispanic Nevadans. For example, monthly premiums for a 27 year-old are estimated to grow 2.4% in 2014 under ACA exchanges, increasing costs from $168 to $172 each month. With a median age of 26, Hispanics in the state are a young demographic disproportionately affected by this law.
Immigration in Nevada
There is no denying the positive impact that immigrants have on the local economy. More than 18,000 businesses in Nevada are Hispanic- owned, and generate over $3 billion in sales. LIBRE believes that the best path forward to reform the broken immigration system in the United States is through a market-based and employment-driven policy.
Sources: U.S. Census Bureau; Bureau of Labor Statistics; Tax Foundation; American Action Forum; Forbes; and The Heritage Foundation.