From September 15 to October 15, the United States and Arizona come alive with a burst of colors, flavors, and celebrations as we recognize and appreciate the rich contributions and cultural heritage of Hispanic/LatinX Americans. Here at SVN Desert Commercial Advisors, we are taking the opportunity to reflect during the month-long observance of Hispanic Heritage Month (HHM) also referred to as LatinX Heritage Month, on the profound influence of this vibrant community on the history, culture, achievements, and economic vitality of not only the state of Arizona but the entire nation.
2023: Latinos: Driving Prosperity, Power, and Progress in America
A Growing and Thriving Community
Did you know that Latino population growth in the Phoenix metro area is two times greater than non-Latinos? The Latino workforce participation is four times that of non-Latinos. Household formation and homeownership growth is three times that of non-Latinos.
As the region’s fastest-growing demographic group, the Hispanic population in Arizona continues to comprise a significant portion of the state’s population, making up a substantial consumer base and workforce that contributes more than $65 billion to the local economy.
Nationally, Latinos contributed a staggering $2.6 trillion to the U.S. economy in 2018, making their combined GDP the 8th largest in the world. Their GDP growth outpaced that of many major nations, demonstrating the remarkable economic vitality of this community.
An Economic Powerhouse
Nationally, Latinos contributed $2.6 trillion to the U.S. economy in 2018, the most recent year data was available, up from $1.7 trillion in 2010. To put this in perspective, if Latinos living in the U.S. were their own independent country, Latino GDP would be the 8th largest GDP in the world, larger than the economies of Italy, Brazil, and South Korea. The Latino GDP was the single fastest-growing among the world’s 10 largest GDPs in 2018, and Latino real GDP grew 21% faster than India’s and 30% faster than China’s.
The Latino population in Arizona is not only growing rapidly but also commanding considerable consumer power. Latino GDP in the state stands at an impressive $91.7 billion, driven primarily by consumption. Latino consumption in the Phoenix metro area alone exceeds $44.5 billion, surpassing the entire economy of some states.
In Arizona, the Latino community plays an essential role in shaping the economic landscape. Latino immigrants pay a staggering $2.4 billion in state taxes every year, supporting crucial public services like education, infrastructure, and emergency services. Latino businesses are true job creators, responsible for generating over one million jobs in Arizona. They also serve as the backbone of many vital industries, including hospitality, healthcare, agriculture, and professional services. Arizona Latinos play an indispensable role in producing goods and services valued at over $90 billion annually and contribute over $63 billion to local businesses.
Cultural Enrichment and Celebration
Beyond their economic impact, Arizona’s Hispanic/LatinoX community brings an abundance of cultural traditions, artistic expressions, music, and culinary delights that enrich the state’s social fabric. Festivals and celebrations continue to attract visitors and bolster tourism. Such as;
The culinary contributions of this community have left an indelible mark on Arizona’s culinary landscape, offering residents and visitors alike a unique epicurean experience with authentic Mexican and South American flavors.
As we celebrate Hispanic Heritage Month, it is clear that the Hispanic and Latino community in Arizona is a vibrant, dynamic force that enriches our culture and drives our economy. Their contributions are immeasurable, from entrepreneurship and job creation to cultural enrichment and market influence. Hispanic consumers wield tremendous economic power, with a buying capacity exceeding $42 billion in Arizona alone. This figure is poised for exponential growth in the coming years, making Hispanics a prime target for businesses and marketers alike. With a growing Latino population, Arizona’s future is brighter than ever, thanks to the profound impact of its Hispanic community.