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Dynamic Demographics

How well do you understand the changing workforce and our changing marketplace? Some of these dynamics will revolutionize the way you do business. But it's easy to miss critical trends that could make or break your organization's success. Take a look. Some important facts may surprise you.
Dynamic Demographics
  1. According to the 2000 Census, for the first time, non-Hispanic whites are the minority population in the 100 largest U.S. cities.
  2. The US Census Bureau predicts that ethnic minorities, encompassing African Americans, Hispanics, and Asian Americans, will represent more than half of the US population by 2040.
  3. Latinos (35 million strong) have increased their presence in the U.S. population by 58% over the last 10 years, and recently surpassed African Americans as the largest ethnic minority (2000 U.S. Census,). While non-white Hispanic population grew by 3%.
  4. By 2010, almost half of all the nation’s new workers will be individuals traditionally classified as minorities.
  5. 6.8 million Americans identify themselves as multiracial (2000 U.S. Census).
  6. Hispanics are the fastest growing minority group in the U.S. and are projected to contribute two-thirds to the growth in the size of the high-school-age population over the next decade (U.S. Dept. of Education).
  7. In 2000, one of every five new entrants into the workforce was Hispanic (Census).
  8. In California, the Hispanic/Latino minority population has now become the majority (huge language implications).
  9. HispanB2B, an Atlanta-based e-marketplace that links small Hispanic-owned companies to Fortune 500 firms, signed Coca-Cola as one of its first big customers in October. The company went on online last spring. Also under development: sites for small African-American and Asian-owned firms.
  10. ISA Corp., which sells cash registers and other “point-of-purchase” hardware and software, last summer stepped up its marketing to Hispanic-owned small retailers by introducing software that helps Spanish-speaking workers update store prices. CEO Pedro Penton says its part of a program by the Miami firm to increase sales by tailoring products and services to Hispanic small businesses. Those firms comprise as much as 70% of ISE’s customers in its South Florida market.
  11. We knew back in 1996 that the workplace and the marketplace were changing dramatically. In March of 1996, Gregory Spencer of the Census Bureau was quoted in newspapers citing changes in the workplace and marketplace and said “if you want to sell things and go where the growth is, about half of your market will be people in their 50’s, and the other half will be the Hispanic and Asian populations.” According to the Census in 1996 Latinos and Asians will represent more than half of the U.S. population growth every year for the next 50 years. Source: Census Bureau, 1996.
  12. The Latino population alone is now 35 million strong in the U.S. with over $45 billion in buying power (2000 Howell).
  13. By 2050, the Census Bureau projects, Hispanics will be about a quarter of the U.S. population and blacks less than a sixth.
  14. Hispanic American purchasing power is growing at two times the rate of general public.
  15. Latinos grew at four times the rate as the national population between 2000 and 2002, according to information released this week by the U.S. Census Bureau (2003 DiversityInc.com).
  16. "The official population estimates now indicate that the Hispanic community is the nation's largest minority community," said Census Bureau Director Louis Kincannon in a statement (2003 DiversityInc.com).
  17. The Latino population reached 38.8 million, or 13.3 percent of the U.S. population in 2002, according to the new population estimates released by the Census Bureau. The Latino population experienced a 9.8 percent growth rate since 2000, compared with a national growth rate of 2.5 percent. Latinos were responsible for one half (3.5 million) of the U.S. population growth (6.9 million) between April 2000 and July 2002.
  18. As the Latino population continues to grow in the United States, so will its economic influence. U.S. Latinos' disposable income has grown 160 percent since 1990, according to the Selig Center for Economic Growth at the University of Georgia. Businesses pay attention to these demographics to market their products and services to this expanding multicultural market, which was estimated to have $580 billion in spending power in 2002, according to the Selig Center.
  19. Fifty-three percent of the Latino growth over the last two years was attributed to immigration, according to the Census Bureau. In 2002, 40.2 percent (15 million) of Latinos in the United States were born outside the country. Of those, 52.1 percent arrived since 1990. In the 1980s, 25.6 percent of foreign-born Latinos arrived in the U.S. and 22.3 percent arrived prior to 1980.
  20. Latinos primarily live in the West (44.2 percent) and the South (34.8 percent). The Northeast accounts for 13.3 percent of the Latino population, and the Midwest accounts for 7.7 percent (2003 DiversityInc.com).
  21. More than 25 percent of households with a Latino member had a family of five or more members in 2002. Mexican-American households (30.8 percent) had the highest percentage of households consisting of five or more members.
  22. While the U.S. population as a whole is getting older because of the aging Baby-Boomer population, the Latino population is getting younger. More than one-in-three (34.4 percent) of the Latino population in the United States is under the age of 18. This ranges from 37.1 percent of Mexican Americans below the age of 18 to 19.6 percent for Cuban Americans below that age.
  23. In 2001, 21 percent of Latinos were considered low income. Although Latino children represented 18 percent of the population of children in 2001, they represented 30 percent of the children living in poverty (2003 DiversityInc.com).