Hispanic Immigration and US Economic Growth

The growth rate of the U.S. economy's labor force will decrease to around 0.6 percent per year from 2020 to 2034 as Baby Boomers continue to retire in large numbers.

The purpose of Hispanic Immigration and US Economic Growth is to analyze the future of the U.S. work force, its characteristics and the effect of the Hispanic population on the labor market. IHS Economics suggest that the Hispanic working population, demographically younger and growing more rapidly than other groups, will partially offset the projected dwindling of the non-Hispanic labor force. Drawing on data from IHS Economics, an economics analysis and forecasting firm, and the Bureau of Labor Statistics, the authors find that only 2.2 percent of the Hispanic work force is aged 65 and over (compared to 5.8 percent of the non-Hispanic workforce) and only 9.8 percent are in the 55 to 64 age group approaching retirement (compared to 17.4 percent of the non-Hispanic). "The Hispanic population will play an increasingly significant role in U.S. labor force growth" as it will account for almost half of the work force expansion over next five years, according to the authors. This study also includes an analysis of economic and social conditions in major Latin American sending countries and the extent to which these countries will continue to supply immigrants to revitalize the U.S. labor market. (Jamie Cross for The ILC Public Education Institute)

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