North Carolina is home to more than 1.9 million Hispanics who represent 30% of the state population. However, 1 in 4 Hispanics in the Grand Canyon State lives in poverty. Growing government debt and regulations are hindering real economic growth, job creation, and overall well-being.
Working in North Carolina
In 2012, Hispanic North Carolinans experienced an unemployment rate of 10.6%, more than 2 percentage points above the national rate of 8.1%. Hispanic median household income has continued to decrease in the state from $41,879 in 2009, to $38,730 in 2012– earning $14,316 less than the national income level.
Doing Business in North Carolina
While North Carolina is poised for growth, local efforts to boost the state economy are still 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, North Carolina experienced a 2.1% job growth and is currently ranked 24th in the nation for doing business.
Immigration in North Carolina
There is no denying the positive impact that immigrants have on the local economy. More than 67,000 businesses in North Carolina are Hispanic- owned, and generated an estimated $10.2 billion in 2013. What’s more, the purchasing power of North Carolina’s Latino community grew to $43.3 billion and is estimated to reach $50 billion by 2015. LIBRE believes that a market-based and employment- driven solution is the best path forward to reform the broken immigration system in the United States.
Healthcare in North Carolina
For Hispanics in North Carolina, the Affordable Care Act (ACA) is resulting in higher insurance costs and less access to healthcare. The law especially burdens young Hispanic North Carolinans. For example, monthly premiums for a 27 year-old are estimated to grow by over 150% in 2014 under the ACA exchanges, increasing costs from $102 to $262 each month. With a median age of 26, Hispanics in the state are a young demographic disproportionately affected by this law.
Sources: U.S. Census Bureau; Bureau of Labor Statistics; Tax Foundation; American Action Forum; Forbes; North Carolina Hispanic Chamber of Commerce; and The Heritage Foundation.