By 2050 the Hispanic labor force is expected to more than double in the United States to 31 percent and the population of the group will make up 29 percent of the total population.
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Those and other estimates were given to more than 500 Hispanic business owners and guests at the 13th annual DATOS 2008 breakfast meeting Wednesday at the Arizona Biltmore Resort & Spa.
Loui Olivas, associate professor at the W. P. Carey School of Business at Arizona State University, said a study shows that by 2050 the Hispanic population in the United States will be 133 million, an increase of about 15 percent from 2005.
The labor force in the nation by 2050 is expected to go from 14 percent Hispanic, based on a 2005 study, to 31 percent, according to research compiled by ASU, the Arizona Hispanic Chamber of Commerce and Salt River Project.
Arizona had the fourth-largest Hispanic population in the country in 2007, with more than 1.8 million.
The meeting, organized by the Arizona Hispanic Chamber of Commerce, focused primarily on the economic effect of the growing number of Hispanics, including purchasing power and the increasing number of young Hispanics and their influence on the retail market. Hispanic purchasing power was $28 billion in Arizona in 2007.
Medium income for Hispanics in the United States is $38,747 compared with $37,288 in Arizona, according to the study.
"The purchasing power of Hispanics is felt in every county in Arizona," said Mark Bonsall, associate general manager of SRP.
He said the average age of Hispanics in the United States is 24 compared with 38 for non-Hispanics.
"The relatively young Hispanic population, with more of them either entering the work force for the first time or moving up on their career ladders, also argues for additional gains in buying power," according to the study.
"Hispanics' spending patterns already help to determine the success or failure of many youth-oriented products and services. As the huge baby boom generation moves toward retirement, young Latinos are filling in behind them."
Although the election of President-elect Barack Obama was not included in the study, the Illinois senator who takes office in January received substantial voter support from Hispanics in Arizona and throughout the country.
The nonpartisan National Association of Latino Elected and Appointed Officials estimated that between 9.6 million and 11 million Hispanics voted in the election, compared with a U.S. Census estimate of 7.6 million in 2004. Latinos comprised 9 percent of all voters this year, compared with 7 percent in 2004, according to Associated Press exit polls.
Nationwide, the AP polls suggested about two-thirds of Latino voters chose Obama over Republican John McCain. About three-fourths of Hispanics younger than 30 supported Obama.