Hispanics comprise the largest minority group in America.  With an estimated 40 million Hispanics in the United States and a projected buying power of $863.1 billion in 2007, they represent one of the fastest growing consumer markets in the country.

Idaho was one of the fastest growing states in the U.S. Between 2000 and 2004, Idaho’s Hispanic population has increased by more than 22,000 people, a dramatic 22% as opposed to a growth of 6.5% for Non-Hispanics.  Hispanics currently comprise 8.9% of Idaho’s total population.  According to the Selig Center for Economic Growth at the University of Georgia, in 1990, the estimated buying power of Hispanics in Idaho was estimated at less than $400 million.  By 2005, Hispanic buying power in Idaho increased to nearly 5% or $1.8 billion, representing a 350 percent increase, while the buying power for all other Idaho residents increased by 158 percent during this same period.

The tremendous growth in Hispanic buying power in Idaho during this period represents the fifth highest increase among all states, with only Nevada, Arizona, Colorado and Utah ranking higher.

Hispanic-Owned Business Growth

Recent figures released by the US Census indicate that in 2002 there were 1.6 million Hispanic-owned businesses.  This indicates that Hispanic-Owned businesses are growing three times faster than the national rate.  Furthermore, these 1.6 million firms account for over $226 billion dollars in receipts to our economy.  In addition, they’re responsible for employing 1.5 million people and generating significant tax revenues for government services.

In Idaho the number of Hispanic-owned businesses has also continued to demonstrate rapid increases.  According to the US Census between 1992 and 2002, the number of Hispanic owned businesses increased by 49%, doubled their sales, and tripled their payroll to over $65 million dollars.