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Hispanics are a growing driver of Idaho’s economy, with millions in buying power

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The Idaho Hispanic Chamber of Commerce hosts a ribbon-cutting ceremony during the pandemic. (Idaho Hispanic Chamber of Commerce) Restaurateurs. Importers of artisan goods from Mexico. A horticulturist. A photographer. A family with untapped savings.

Nearly all of Idaho’s racial and ethnic groups saw their buying power expand faster than the U.S. average over 10 years, according to a new Idaho Department of Labor report. But with a growing number of Hispanic Idahoans in the workforce and starting small businesses, the Hispanic population’s buying power is rocketing ahead.

Hispanic buying power in Idaho increased by 65% between 2010 and 2020, the report says.

“The Hispanic market share of consumer spending is projected to increase 42% — from $6.4 million in 2020 to $9.1 million by 2025,” says the report , which is based on estimates from the Selig Center for Economic Growth at the University of Georgia.

(The report) highlights how important it is to recognize the value of Idaho’s diversity and, as it gets more diverse, the more rich it gets.

More than 1 in 8 people in Idaho are Hispanic and/or Latino, according to the U.S. Census Bureau — which means they are from, or descended from, Spanish-speaking and/or Latin American countries. That […]

Click here to view original web page at oregoncapitalchronicle.com

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