As U.S. Construction Slows, Remittances to Families in Mexico Decline

Emily Garr, Economic Policy Instiute, July 9, 2008

{snip} From 2000 to 2006, the amount of remittances grew significantly year after year, helping to support workers’ families abroad. That growth leveled off in 2007, and now it has actually begun to decline: January through May of 2008 has seen a decline of $668.28 million compared to the same period in 2007. In May alone Mexican families received $171.3 million less than the previous year (see chart below). {snip}

{snip} With the deflating housing bubble and the decline of construction jobs in the first quarter of 2008, the unemployment rate of Hispanic immigrants rose to 7.5%, and Hispanic construction workers now earn less than they did in the first quarter of 2006. {snip}

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