Hispanics wield a significant amount of purchasing power in the United States – $1.4 trillion in 2016 according to the Selig Center for Economic Growth – and Latinas are at the forefront of this movement.
In fact, Latinas have been taking the reins in several segments of a once male-centered market. Latinas now possess a 46.6 percent homeownership rate. And in a study conducted by the National Association of Hispanic Real Estate Professionals (NAHREP), 91 percent of Latina women considered buying a home the best financial investment they can make, while 61 percent anticipated they will likely play a larger role than their partners in making a decision to buy a home.
Leading influence
In addition to leading in homeownership, Latinas command a strong presence in the entrepreneurial field. According to a Nielsen 2016 State of Women-Owned Business Report, Latinas are starting businesses at six times the national rate. That makes them the fastest-growing business segment in the United States. More impressive still is the impact that these numbers leave on the economy and job market. In 2014, 400,000 people were employed thanks to Latina-owned businesses, and over $71 billion was injected into the economy as a result of their growth.
Sandra Lopez, the vice president of Intel’s Sports Group, can attest to the benefits of Latinx entrepreneurs on the economy and job market. “At Intel, we recognize the value and importance of the Latinx community,” she says, “As such, we are committed to achieving full representation by 2018.” Sandra has worked to ensure that Hispanics in business are recognized for their contributions. “As Latinx, we are an influential economic force,” she says. “Latinos were responsible for 29 percent of real income growth in the United States 2005-2015 – an influence that cannot be ignored.”
Though there is still much ground to tread for Latina entrepreneurs, some, like Make in LA’s Partner and investor Carmen Palafox, remain optimistic. “It’s not only our buying power that is attractive, but it’s the fact that we’re more educated, we have higher income levels than in the past and when you couple that with the trends in demographics showing that we’re young and a significant percentage of the workforce, then you can easily see that our influence will continue to grow.
Rosario Diaz, Consultant, Los Angeles Latino Chamber of Commerce, [email protected]