News Column

Do Hispanics Care About Hispanic Heritage Month?

September 12, 2013

Staff Reports -- HispanicBusiness.com

amanda garcia
Amanda Garcia (photo: GoBankingRates.com)

Hispanic Heritage Month, which awkwardly straddles the middle of September through the middle of October, is a time to remember the contributions of Hispanics on the culture and the economy of the U.S.

But it's not all that big a deal to some members of the community.

"I don't even think Hispanics care all that much about Hispanic Heritage Month," Amanda Garcia, financial expert for rates aggregator GoBankingRates.com, said in a news release. "We would much more appreciate the country's recognition of our daily contributions to the broader American community and economy."

The U.S. Hispanic population continues to grow, and could reach 132.8 million by 2050, according to U.S. Census estimates. That means Hispanic workers, consumers and business leaders are exerting an ever-greater influence on the U.S. economy.

Some fast facts:

1 in 6 Americans are Hispanic.
23 million U.S. workers are Hispanic.
U.S. Hispanic-owned businesses increased by 43.7 percent to 2.3 million between 2002-2007. The national growth rate for all new businesses founded was 18 percent during the same period.
40 percent of new U.S. households within the next decade will be Hispanic.
Hispanic purchasing power is expected to grow from $1.2 trillion in 2012 to $1.5 trillion in 2015.

"Imagine where we would be post-recession without the Latino workforce," Ms. Garcia said. "The statistics show they will continue to have a crucial financial impact on the U.S. economy for decades to come, highlighting the serious need for pro-immigration policy."

Methodology

GoBankingRates.com evaluated Hispanic labor force statistics from the U.S. Department of Labor (2012). Information on Hispanic purchasing power and household statistics comes from "The Power of the Hispanic Market" from AHAA: The Voice of Hispanic Marketing (2013) and IBISWorld (2011). Hispanic population estimates and Hispanic-owned business statistics are from the U.S. Census Bureau (2010, 2007).

GoBankingRates.com provides comprehensive local interest rate information, and has been featured on Yahoo! Finance, Forbes, The Street and other prominent financial websites.

Hispanic Heritage Month runs Sept. 15-Oct. 15.

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Do you know which companies got top marks for hiring Hispanics? Check out our 2013 Best Companies for Diversity overview.



Source: HispanicBusiness.com (c) 2013. All rights reserved.


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