If you are not an AIM member - Consider joining. AIM Members receive access to all our premium content online.
If you're an AIM member please login to your AIM account to view this post:
By Eduardo Crespo, CEO
Hispanic Market Solution
ecrespo@hispanicmarketsolution.com
Lawrence, MA, and Deerfield Beach, FL
Introduction.
As a contribution to celebrating Hispanic Heritage Month (HHM), I decided to write this article to pinpoint the unprecedented growth of the Hispanic community, its positive contributions to the Massachusetts economy, and a great opportunity to welcome and empower them.
One out of 4 MA residents under the age of 18 is Hispanic, meaning that the future of MA and the United States depends on how well they do in terms of education, work, entrepreneurship, wealth accumulation, home ownership, and Achieving the American Dream. What is good for Hispanics is vital for Massachusetts and our nation.
All societal and economic sectors are being impacted by MA Hispanics, especially in the urban areas, called the Gateway Cities:
Now I will present the origin of HHM, the Hispanic Opportunity, population, education, labor force data and insights, and a conclusion.
Why Hispanic Heritage Month?
President George H. W. Bush proclaimed the first Hispanic Heritage Month on September 14, 1989, to honor the achievements of Hispanic Americans. It celebrates its accomplishments while enriching our culture and society. Their men and women have shown their contribution as innovators, leaders, entrepreneurs, and members of the Armed Forces.
The Hispanic Opportunity
This community has shown unprecedented demographic and labor force participation growth in Massachusetts and the United States and has become an essential workforce sector. It’s what I call “The Hispanic Opportunity,” a unique phenomenon in which the Hispanic demographic growth is ascending while the “white” population is declining.
These developments have together created immense opportunities in the marketplace. Indeed, progressive, market-driven brands, organizations, and employers are creating new paradigms by incorporating Hispanics as an integral part of their core business strategy and corporate culture.
MA Latino Population.
It continues to grow at a rapid rate. From 2010 to 2017, the Latino population increased by 28%. This represented about 60% of all population growth in the Commonwealth. Using a cohort-component methodology, the Gastón Institute at the University of MA/Boston, projects that by 2035 the Latino population will grow to over 1.15 million and represent nearly 15.3% of the population.
Hispanic Heritage
https://scholarworks.umb.edu/gaston_pubs/241/
Hispanic Heritage
INSIGHTS. Overall, we can see the demographic growth of Hispanics, particularly from 2014 to 2021, as we see the white population decreased by 4.7% while Latinos grew by a whopping 24.8%. Other factors such as Hispanics being younger on average than the general population, are a significant indicator of their potential as consumers and future members of the labor force.
Education and Labor Force
Even though Latino educational attainment is increasing, Latinos continue to have the highest percentage of their population with less than a high school diploma: 26.0%, compared to 14.9% for Asians, 11.9% for Blacks, and 4.9% for Whites.
Latinos’ contribution to Massachusetts’ labor force remains strong by having the highest labor force participation (70.2%), which is an increase since 2014. This is related to the substantial proportion of their population being in the prime working age of 25 to 54 years of age. Latinos with lower educational attainment are not hindered from participating in the labor market.
Hispanic Heritage
Hispanic Heritage
INSIGHTS. The previous graph on labor force participation suggests that Latinos in Massachusetts have a strong motivation to participate in the state economy. We can see why it is important to create Spanish and bilingual training programs, apprenticeships, and company-government-sponsored English learning programs for the newly arrived, who are eager to work anywhere they can find an opportunity.
Conclusion
If you have not done it already, I hope you will be inspired to take a look within your organizations and consider the Hispanic Opportunity as a driver for your success and future growth.
In a future article, I will present our proprietary Understand, Reach, and Service, URS, methodology, It is a roadmap for companies and organizations that are serious about including the Hispanic market as an integral part of their core business strategies and corporate culture and not as an add-on if they have a budget.
Continue celebrating Hispanic Heritage Month and you will discover a new diaspora of people from 20 Spanish-speaking Latin American countries with strong family values and work ethics, traditional hierarchical structures, diversity of cultures, nationalities, gastronomy, music, entertainment, sports, arts, innovation, and a zest for life.
About the Author.
Eduardo Crespo was born in Guayaquil-Ecuador and is a naturalized U.S. citizen. He is the founder and CEO of Hispanic Market Solution, a Lawrence, MA, based business enterprise specializing in helping companies Understand, Reach, and Service (“URS” methodology) the US Hispanic and Multicultural markets. He graduated with Honors from the University Of Massachusetts/Boston with a BA in Economics and pursued MBA graduate studies at Northeastern University/Boston.
In 2023 his company was honored as The Massachusetts Minority Business of the Year by the Small Business Administration.
Eduardo can be reached at ecrespo@hispanicmarketsolution.com for comments and speaking engagements
