Latinos driving growth in Arizona, new report finds
PHOENIX — Latinos are playing an increasingly important role in Arizona’s population and economy growth, according to a new report by the Arizona Hispanic Chamber of Commerce.
The Chamber’s “2019 Datos: The State of Arizona’s Hispanic Market” reported there are now 2.2 million Latinos living Arizona. Latinos are also younger compared to other ethnic groups, with a median age of 28.
“We are 30% of the state, 40% of Phoenix-metro and more than 50% of our K-12 [public school] system,” said Monica Villalobos, the chamber’s president and CEO.
Villalobos unveiled the findings of the 23rd annual Datos report at a breakfast event at the Arizona Biltmore on Friday.
She added Latinos “are a driving force not only in our population, but also in our economy.”
The Latino buying power in Arizona is projected to surpass $57 billion by the year 2022, according to the Datos report.
The report also found Latinos are helping drive the growth of new businesses in Arizona. The number of Latino-owned businesses has doubled in the last 10 years. In addition, Latinos make up nearly a quarter of new entrepreneurs.
Governor Doug Ducey said at Friday’s event that the Datos report findings show “Hispanic businesses, entrepreneurs and consumers continue to be a driving force behind Arizona’s economic and national success.”
“With the release of the latest Datos report, we are reminded once again of all the ways our Hispanic community continues to enrich life in the state of Arizona,” Ducey added.