Vive Le Canada

U.S. Hispanics to Become Hemisphere's Third-biggest Economy
Date: Saturday, September 01 2007

U.S. Hispanics to Become Hemisphere's Third-biggest Economy

August 31, 2007

Manuel Egea -- EFE

By 2010, Latinos in the United States will have a cumulative purchasing power bigger than the economies of Canada or Mexico, the president of the U.S. Hispanic Chamber of Commerce says.

"Hispanic businesses have considerable economic influence," Michael L. Barrera told Efe, "and we simply want to make U.S. corporations see how big this market is, one of the biggest economies in the world."

At present, one of every 10 small businesses in the United States is Hispanic-owned. The total number of Hispanic-run firms in the country is approximately 2 million, a figure expected to climb to 3.2 million by 2010.

The regions where these businesses are concentrated continue to be California, Texas and Florida, although Barrera said that "surprising growth is occurring in the country's southeast, in states like Georgia and North Carolina."

Meanwhile, Hispanics - excluding undocumented immigrants - make up 13 percent of the workforce, and it is expected that this figure will rise to 20 percent in 2030.

But Latinos also account for a growing number of consumers who provide a significant benefit to the U.S. economy.

"Hispanic consumers in the United States today have a purchasing power of $850 billion annually," Barrera said, adding that that figure will increase to $1 trillion in 2010, exceeding the gross domestic product of countries like Mexico and Canada."

"This will be what makes the Hispanic economy in this country the third largest in the Americas by 2010," trailing only the United States and Brazil, he said.

And, according to Barrera, U.S. executives are fully aware of the implications of that development.


This article comes from Vive Le Canada

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