The Hispanic community has garnered attention from many companies and US state offices due to its growing impact on the US economy. Research conducted by McKinsey emphasizes the importance of addressing barriers faced by the Latino community in the United States, as Latinos represent a significant and expanding segment of the population and labor force, with projections indicating further growth.
According to research, overcoming common integration challenges such as language barriers and achieving job parity within the Hispanic community can unlock additional growth opportunities for businesses as a whole. The potential economic benefits are substantial, with estimates suggesting that addressing these barriers could generate trillions of dollars in additional revenue, create millions of new jobs, and facilitate significant intergenerational wealth transfer.
The texts underscore the necessity for policies and practices that promote increased access and integration into the economy. By harnessing the potential of the Latino community, the US business sector can position itself for growth and capitalize on the economic contributions of this demographic. Consequently, the Hispanic community is poised to become the second-largest growth community, following closely behind China and India.
Source:
https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/the-economic-state-of-latinos-in-america-the-american-dream-deferred
https://www.mckinsey.com/featured-insights/diversity-and-inclusion/the-economic-state-of-latinos-in-the-us-determined-to-thrive
https://www.mckinsey.com/about-us/new-at-mckinsey-blog/what-makes-the-us-latino-population-an-engine-for-growth