Latinos make up 14.5% of the population of the United States. That's around 40m people, according to the US Census Bureau's 2005 survey, and is up from 13.1% of the population in 2001.

But the story isn't that simple. In some areas of the country, the growth in the Hispanic community has been even bigger, as people move in search of more affordable housing and jobs. Colorado has seen a 17% increase in its Latino population in the last five years – 1 in 5 people in Colorado are now Hispanic. In California, a third of the population is Hispanic, and it is estimated that by the middle of the 21^st century, Hispanics will form the majority of the Californian population, and will be the largest ethnic group in the United States.

The significance of this growth should not be underestimated. The Latino community in the United States is playing a vital role in fuelling economic growth and prosperity. 80% of Latino men are active in the workforce, and in the 1990s, 40% of new workers hired for jobs were Hispanic. Latinos have a reputation for being hard workers and fulfill a critical staffing role in many low-paid industries such as construction and manufacturing.

The history of the Hispanic population in the United States has been one of immigration; from Mexico, Cuba, Puerto Rico, and most other countries in Central & South America and the Spanish-speaking Caribbean. Inevitably, a percentage of these immigrants have not been, or are not, fully-documented, and this has undoubtedly contributed to some noticeable economic trends in the Hispanic population:

·        Lowest medical insurance coverage of any ethnic group;

·        Some estimates suggest as many as 50% of the Latino population do not have bank accounts;

·        Poor access to savings and credit facilities;

·        Low levels of home ownership.

 Although these trends are still prevalent today, the spending power of the Latino population is rapidly growing. Latest estimates place this at $800 billion per annum, and this figure is forecast to reach $1 trillion by 2008. Latino businesses contribute a further $226 billion to the country's economy each year.

 With increased spending power comes increased home ownership, increased educational opportunity and uptake, and increased business ownership and use of financial services.

 The Latino community is playing a key role in helping America grow and prosper in the 21^st century, and these figures highlight the need and opportunity for businesses to ensure that they address the needs and aspirations of the Latino market. Failure to do this will be mean ignoring one of the three largest and most influential demographic groups in the United States.