A study recently released by Information Handling Services, Inc. revealed that Hispanic workers will account for a significant percentage of population and employment growth over the next five years.
IHS, which offers advice, analytical expertise, consultations and assistance for the decision-making process for businesses and governmental agencies, had their study commissioned by Univision Communications Inc., according to a press release.
The analysis, entitled Hispanic Immigration and U.S. Economic Growth, and full report identifies notable shifts in U.S. employment demographics.
IHS predicts that the largest change will occur between 2020 and 2034. During this 14-year period, the Hispanic population is expected to account for more than 75 percent of U.S. employment growth. The workforce at large is projected to be 23 percent Hispanic in 2034, accommodating the surge of Latin American immigrants in the coming years.
The increase in the Hispanic population will be felt as soon as the next five years. During this time, Hispanics will account for over 40 percent of the nation’s employment growth, growing steadily at an average rate of 2.6 percent per year. Conversely, the non-Hispanic population will undergo a decline.
As Baby Boomers begin continue to age and retire, the new non-Hispanic growth to the labor force will barely compensate for the retiring Baby Boomers. This is occurring while Hispanic population steadily increases their employment rate growth.
Spanish-speaking households will similarly be on the rise and expected to grow from 36.9 million in 2014 to 55.4 million in 2034. As the norm of foreign-born Hispanics veers toward that of native-born Hispanics, the demographics’ population numbers will steadily grow. Immigration to the U.S. and emigration from Latin American countries will also play a major part in this figure of growth, all considered to be helpful to the country’s economic growth.
