News Release

NCLR Report Demonstrates Latino Nevadans Have Made Economic Progress, But Challenges Remain

Report was released today at event with Las Vegas Latin Chamber of Commerce

June 28, 2016

Contact:
Camila Gallardo
(305) 215-4259
cgallardo@nclr.org

LAS VEGAS—Today, NCLR (National Council of La Raza) was joined by the Las Vegas Latin Chamber of Commerce and community leaders at a morning roundtable to discuss findings from a new profile on the state of the economy for Hispanics in Nevada. The profile, titled “Latinos in the Silver State: Building a Better Future,” examines the impact Latinos have on the economic growth in the state as well as factors that contribute to mixed progress and stalled growth among Nevadan Hispanics. During the morning roundtable, community leaders and nonprofit groups came together to discuss the existing challenges and potential solutions so that together with NCLR they can improve the economic outlook for Hispanic Nevadans. The roundtable was moderated by Todd Quinones, anchor for “Good Morning Las Vegas.”

Latinos represent a growing and increasingly influential population in the state. One out of every three Nevadans is Hispanic and demographic trends predict this number will rise. By 2019, Nevada is expected to become a majority-minority state. Positive findings included the number of Latinos employed—Hispanics lead Nevada in labor force participation, boasting the highest employment-to-population ratio among all other men and women of other racial and ethnic groups. The number of Latino entrepreneurs has seen a tremendous rise; the number of Latino-owned businesses in the state increased by nearly 87 percent between 2007 and 2012.

Despite these gains, many Latinos still remain outside of the financial mainstream and the number of those outside the banking system has increased. Between 2009 and 2013, the number of unbanked Latinos grew by 6.4 percent. This leaves many Latinos to use alternative financial systems that often trap them in a cycle of debt. Payday loans often end up costing individuals more than three times the amount of the original loan.

Household income among Latinos also lags behind the state average—the median income of a Latino family in 2014 was $46,640 when compared to the state median of $51,450. Also, 19 percent of Latino households in Nevada have incomes below the federal poverty line, compared to only 10 percent of White households in the state.

“We are encouraged to find that Latino Nevadans have experienced economic gains—particularly in the area of employment and it is certainly heartening to see that Latinos have been such a driving force in private-sector job creation within the state. While we recognize these important gains, progress has been slow in some areas, such as homeownership and growth in household income, which still lag behind the state averages,” said Rafael Collazo, Political Director, NCLR. “This is why NCLR and its Affiliate groups in the state are committed to helping ensure policymakers have an understanding of the need for investment in our community and why we have spearheaded efforts to engage and empower more Latinos in Nevada to become active participants in that process,” continued Collazo.

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.