Texas is home to 9.5 million Hispanics who represent 37.6% of the state population. However, more than 1 in 4 Hispanics in the Lone Star State lives in poverty. Growing government debt and regulations are hindering real economic growth, job creation, and overall well-being.
Working in Texas
In 2012, Hispanic Texans experienced an unemployment rate of 7.7%, slightly lower than the national rate of 8.1%. Despite this, Hispanic median household income in the state has remained largely stagnant, from $38,211 in 2009, to $38,848 in 2012- earning $14,198 less than the national income level.
Doing Business in Texas
While Texas is ranked #1 in economic climate, 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, Texas experienced a 3% job growth, and currently ranks 7th in the nation for doing business.
Healthcare in Texas
For Hispanics in Texas, the Affordable Care Act (ACA) is resulting in higher insurance costs and less access to healthcare. The law especially burdens young Hispanic Texans. For example, monthly premiums for a 27 year-old are estimated to double under ACA exchanges, increasing costs from $115 to $230 each month. With a median age of 27, Hispanics in the state are a young demographic disproportionately affected by this law
Immigration in Texas
There is no denying the positive impact that immigrants have on the local economy. Texas is home to 3 of the 10 largest Hispanic-owned businesses in the country. What’s more, these companies support nearly 3,000 jobs and generated over $2 billion in revenues in 2012. 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; the Heritage Foundation; and Hispanic Business, Inc.
