Economic Development

Latinos are the greatest challenge – and best hope — for the future of the L.A. economy. How Latinos do economically by creating wealth, owning property and businesses, will determine the fate of the Southland economy.

— Joel Kotkin, Pepperdine University
Latino Scorecard, 2003

US-TreasurerEconomic stability and upward mobility are core components of a healthy and prosperous Los Angeles. ABC works to promote research that provides a clear picture of the economic status and mobility of LA’s Latino community and advocates for policies that close economic disparities between Latinos and their counterparts and create pathways to 21st century careers through education, workforce development and financial education.

Key Accomplishments

Despite Latinos tremendous growth and rising economic influence, Latinos remain generally underserved by banking institutions. The majority of banks have not diversified their products to meet the unique needs of the Latino consumer. Without a significant public policy response, an entire segment of our population risks being left behind by our region’s economic growth. Key milestones in this effort include:

  • ABC releases a study of local banks in Los Angeles to highlight the unaddressed needs of the underbanked Latino market and encourages financial institutions to better serve Latino consumers with products that promote long-term economic prosperity of Latino families and their communities.

High levels of educational capital – the number of highly knowledgeable, skilled people in a state’s workforce – provide California with a strong foundation for economic development.  Because educational capital has a direct impact on our economy and quality of life, it is critical to increase the number of students successfully pursuing college, trade school or meaningful post-graduation employment.

In order to comprehensively address the challenges of providing our students with rigorous classes, career education, work-based learning opportunities and a quality learning environment, ABC promotes partnerships between educational institutions and community, nonprofit and business leadership via the “Multiple Pathways” reform movement.  ABC is also the co-chair of the “Los Angeles Partnership for Multiple Pathways,” a broad-based partnership advocating for the development of high quality college and career education opportunities for all students. Key milestones in this effort include:

  • Development and unanimous passage of LAUSD’s Multiple Pathways Board Resolution
  • Establishment of a Multiple Pathways Network of Industry Advisors