Virginia is home to more than 630,000 Hispanics who represent 8% of the population. However, 1 in 7 Hispanics in the Old Dominion lives in poverty. Growing government debt and regulations are hindering real economic growth, job creation, and overall well-being.
Working in Virginia
In 2012, Hispanics in Virginia experienced an unemployment rate of 3.3%, significantly lower than the national rate of 8.1%. Despite this, Hispanic median household income in the state has continued to decrease from $61,583 in 2009, to $59,245 in 2012.
Doing Business in Virginia
While Virginia currently ranks 1st in the nation for doing business, local and federal overregulation and tax burdens still jeopardize its economy and ability to attract new businesses. In 2013, the state experienced a 1.2% job growth, and is currently ranked 22nd in the nation for business costs.
Healthcare in Virginia
For Hispanics in Virginia, the Affordable Care Act (ACA) is resulting in higher insurance costs and less access to healthcare. The law especially burdens young Hispanic Virginians. For example, premiums for a 27 year-old are estimated to more than triple under the ACA exchanges, increasing costs from $165 to $582 each month. With a median age of 27, Hispanics in the state are a young demographic disproportionately affected by this law.
Immigration in Virginia
There is no denying the positive impact that immigrants have on the local economy. Virginia ranks 11th nationwide in the number of Hispanic-owned firms it hosts. Of the 500 largest Hispanic-owned businesses in the U.S., 19 are headquartered in Virginia – generating $900 million in revenue, and employing more than 4,000 workers in 2012. LIBRE believes 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; Forbes; Tax Foundation; The Heritage Foundation; Hispanic Business, Inc.; and The Fairfax County Economic Development Authority.
