"The Hispanic population will play an increasingly significant role in future U.S. employment growth."
LEXINGTON, Mass.--(BUSINESS WIRE)--The Hispanic population will play an increasingly significant role in
future U.S. employment growth, accounting for more than 40 percent of
growth in the next five years and more than 75 percent between 2020 and
2034 – an increase of 11 million jobs out of an economy-wide gain of 14
million –according to a new study from IHS Inc. (NYSE: IHS), a leading
global source of critical information and insight.
The IHS study, Hispanic Immigration and U.S. Economic Growth,
projects that Hispanic employment growth will average 2.6 percent per
year over the next 20 years. At the same time, growth of the
non-Hispanic working age population will slow to near zero, and new
non-Hispanic entrants to the labor force will barely offset retiring
Baby Boomers. As a result, the Hispanic share of total U.S. employment
will rise from 16 percent in 2014 to 23 percent in 2034.
Other key findings include:
Immigration will play a key role in future U.S. employment growth. By
2020, labor force growth is expected to slow to the point that the
annual change in the labor force is roughly equal to the amount of net
Despite a generally positive long-term economic outlook for Latin
American countries, the U.N. projects continuing net outmigration from
the 10 Latin American countries and Puerto Rico that are the primary
countries of origin of the foreign-born U.S. Hispanic population.
According to U.S. Census Bureau assumptions about future Hispanic net
international migration, the number of foreign born Hispanics will
grow from 22 million in 2014 to over 29 million in 2034, and the
foreign-born share of the Hispanic population will fall slowly over
this period – from 39.7% to 34.8%.
The number of Hispanics that speak Spanish in the home will rise from
36.9 million in 2014 to 55.4 million in 2034.
Higher levels of immigration are conducive to stronger U.S. economic
growth, and there are credible scenarios for higher levels of Hispanic
immigration than assumed in the study’s baseline forecast.
“The Hispanic population is a younger and faster growing segment of the
population, while trends in the non-Hispanic population are heavily
influenced by the aging baby-boomer generation that is moving into
retirement,” said James Gillula, IHS economist and the study’s lead
author. “The Hispanic population will play an increasingly significant
role in future U.S. employment growth.”
Hispanic Immigration and U.S. Economic Growth was commissioned by
Univision Communications, Inc. IHS offers an independent assessment and
is exclusively responsible for all of the analysis, content, and
conclusions contained in the study.
IHS (NYSE: IHS) is the leading source of insight, analytics and
expertise in critical areas that shape today’s business landscape.
Businesses and governments in more than 150 countries around the globe
rely on the comprehensive content, expert independent analysis and
flexible delivery methods of IHS to make high-impact decisions and
develop strategies with speed and confidence. IHS has been in business
since 1959 and became a publicly traded company on the New York Stock
Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is
committed to sustainable, profitable growth and employs about 8,800
people in 32 countries around the world.