Immigration is a hot topic on Capitol Hill these days, but no matter which way the chips end up falling in terms of any kind of reform to the system, Americans had better get used to a constant influx of new neighbors.
In fact, the future of the American economy depends on a constant stream of immigrants, mostly from Latin America. At least that’s what a recent study from IHS has concluded, projecting that Hispanic immigrants in particular are set to play a major role in the future economic outlook of the United States.
The key takeaway from the IHS study is that individuals of Hispanic background are anticipated to encompass up to 75% of new job growth over the next two decades. “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,” IHS wrote in a press release.
The data IHS takes into account was provided by the U.S. Census Bureau, which projects that Hispanic employment growth will continue to grow in coming years while growth of the population of non-Hispanic workers will decline to near zero. In all, Hispanics will make up roughly 23% of the American workforce by 2034. That’s up from 16% in 2014.
“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.”