The Growing Economic Influence Of Arizona Latinos.
In this year’s report, we show that the state’s Hispanic consumers will spend about $40.3 billion on goods and services in 2015, while Hispanic purchasing power nationwide could top $1.5 trillion—a figure roughly equivalent to the GDP of Australia. Interestingly, a recent study published by the Cervantes Institute found the United States is now home to 52 million Spanish speakers, more than any other country on earth except Mexico. Spanish is now the second most spoken language next to English in all but six states.
DATOS also forecasts that based on the compounded annual growth rate of Hispanic-owned businesses statewide from 2007 and 2012, Arizona is now home to an estimated 123,406 Hispanic companies overall, a majority of which (66,429 businesses, or 54 percent) are owned by Hispanic women.
