Texas Women’s Foundation (TXWF) has released new data on the impact of the wage gap on women, families, and the state’s economy.
In addition to its 2024 Economic Issues for Women in Texas Report, TXWF shares that the annual impact of the wage gap has grown 27% since 2019 to a staggering $60.1 billion annually in lost earnings and economic activity. The data shows that an average Texas woman stands to lose $750,000 in earnings throughout her lifetime, impacting her ability to achieve security and success for herself and her family.
“Women represent 46% of the workforce in Texas and drive much of the growth and innovation of the state’s $2.4 trillion economy,” Karen Hughes White, president and CEO of Texas Women’s Foundation, said. “Couple that with population projections that indicate the continued, outpaced growth of women in Texas, and the business case is clear. To sustain the level of economic success we enjoy here in Texas, the time is now to invest in women, and that starts with closing the wage gap.”
Texas women play a pivotal role in driving the growth and innovation of the state’s $2.4 trillion economy; however, on average, women earn 83% of what Texas men earn, with women of color earning even less. Additionally, the wage gap widens as women achieve advanced degrees, earning $37,000 less each year than their male counterparts. This gap directly impacts consumer spending and economic growth, resulting in an $11.4 billion loss of productivity annually.
TXWF will be hosting free workshops in partnership with the American Association of University Women, aiding women in understanding what they can do to counter the wage gap. These virtual workshops will occur on April 17 and May 15, and participants can register online.
To read the 2024 Economic Issues for Women in Texas and for more information, visit www.txwf.org/research.
Bella Castillo can be reached via email at Isabella Castillo
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