In just four decades, the U.S. Hispanic market has more than quadrupled in size, from 6.9 million potential consumers in 1960 to more than 35.3 million in 2000, and almost 45 million in 2007. Hispanic buying power is increasing faster than that of any other minority group in the U.S.
The U.S. Hispanic population currently represents approximately $600 billion in total household spending. The studies projects that by 2007, Hispanic buying power will top $926.1 billion.
More than one in eight people in the United States are of Hispanic Origin.
By today in 2007, Hispanic population has reach almost 45 millions. They represent 15.7% of the total population; among the Hispanics, more of two-thirds (68 percent) are of Mexican origin.
Hispanics continue to be the largest minority group at 42.7 million. With a 3.3 percent increase in population from July 1, 2004, to July 1, 2005, they are the fastest-growing group.
Geographical Mobility between 2003 and 2004 by Hispanic Origin
The moving rate for non-Hispanics whites were 12 % compare with Hispanics 18% (highest rate in the race groups), Among people who moved, 65 % of Hispanics and moved within the same county. The reasons: More than half of all movers gave housing-related reasons for their relocation; they wanted a new or better apartment or house.
Growth of Hispanic-Owned Businesses triples the national average.
Washington, D.C. — The number of Hispanic-owned businesses grew 31 percent between 1997 and 2002 — three times the national average for all businesses — according to a new report, Survey of Business Owners: Hispanic-Owned Firms: 2002
“The Economic Census gives an accurate picture of America’s 23 million businesses. The growth we see in Hispanic-owned businesses illustrates the changing fabric of American’s business and industry. With Hispanic businesses among the fastest growing segments of our economy, this is a good indicator of how competitiveness is driving the American economy,” said Census Bureau Director Louis Kincannon.
Other highlights:
In 2002, nearly 3-in-10 Hispanic-owned firms operated in construction and other services, such as personal services, and repair and maintenance.
Retail and wholesale trade accounted for 36 percent of Hispanic-owned business revenue.
There were 29,184 Hispanic-owned firms with receipts of $1 million or more.
There were 1,510 Hispanic-owned firms with 100 employees or more, generating more than $42 billion in gross receipts.
These data are based on estimates of U.S. population for July 1, 2005. The Census Bureau estimates population change from the most recent decennial census (Census 2000) using annual data on births, deaths and international migration. More detailed information on the methodology used to produce these estimates can be found at <http://www.census.gov/popest/topics/methodology/v2005_nat_char_meth.html>.
