(WalletHub) — Out of all 50 states and the District of Columbia, Louisiana’s economy ranks 45th in the nation for racial equality, according to data published by WalletHub this week.
- Median annual household income
- Labor-force participation rate
- Unemployment rate
- Homeownership rate (Note: WalletuHub used homeownership as a proxy for wealth.)
- Poverty rate
- Homeless rate
- Share of unsheltered homeless
- Share of executives
The only states performing worse than Louisiana were Michigan, Minnesota, Iowa, Wisconsin, Illinois and the District of Columbia.
“A recent study found that only 3.2% of executive or senior-level positions belong to black Americans, even though that demographic makes up 13% of the U.S. population,” wrote Adam McCann in the WalletHub article. “The overall black unemployment rate is consistently higher than the white unemployment rate, too.”
Nationwide, the average white family has a net worth of $171,000, compared to just $17,150 for the average black family.
“As racial tensions run high in America, it’s an opportune time to take a look at which states have done the most to promote financial equality,” stated McCann.
“One way to help black Americans achieve greater economic equality is to increase funding for schools in underserved districts with high minority populations, since a better education can lead to better job opportunities in the future,” said Jill Gonzalez, WalletHub analyst. “In addition to providing higher quality education, we should combat the low representation of black Americans in business executive positions by promoting youth programs that offer resume-building leadership experience, and by pushing for merit-based advancement within large companies.”