Economic Analysts Predict Latinos Will Account for 40 Percent of US Employment Increase Over Next 5 Years

Economic analysts are preparing the U.S. for a future where Latinos will account for more than 40 percent of the increase in U.S. employment.

According to IHS Economics, a global leader in long-term investments, information and analytics, over the next five years the Latino population will represent 40 percent of U.S. employment growth. Also, in an alternative, high-immigration scenario, whereby Hispanic immigration was much higher, IHS speculated that economic growth would be much more robust in the United States.

Dr. Steve Murdock, former director of the U.S. Census Bureau and founding director of the Hobby Center for the Study of Texas at Rice University, is one of many economic analysts to urge the public, policy makers and legislators to acknowledge Latinos' growing presence in the U.S. workforce. The Latino population will play an increasingly significant role in U.S. employment growth segment due to the fact that the population fast-growing and younger than other groups.

According to National Council of La Raza, Latinos are disproportionately employed in service and support occupations. More than a quarter (26 percent) of Latinos work in service occupations; 21 percent in sales and office jobs; 16 percent in natural resources, construction, and maintenance jobs; and 17 percent in production, transportation and material-moving occupations. Also, IHS indicated that Latinos swell the professional & business services sector, the educational and health services sector, and the wholesale and retail trade sector.

However, the challenge is to make sure that economic growth matches that group's employment growth. If Latinos are to move into better markets and find high-earning positions, Latinos must gain access to the same quality of education, extracurricular opportunities and well-paying positions as non-Latino whites.

"Hispanic Immigration and U.S. Economic Growth," the prediction driven report about the economic outcome of Latino populations, also comments on Latinos' position in the workforce as baby boomers retire. Just 9.8 percent of the Latino population fits into the baby boomer category, compared to 17.4 percent of non-Hispanics. This means that a vast majority of the Latino labor force will not reach retirement age (55-64) within the next 10 years.

The report also ventured to say that immigration could prove to strengthen the economic growth of the U.S., for the influx of foreign-born labor would help to grow markets and contribute to fueling the economy.