Hispanics will form the core of Tucson’s future workforce, as the relatively young demographic group boosts its educational level and spending power, according to a new report commissioned by the Tucson Hispanic Chamber of Commerce.
“Arizona’s future workforce is clearly led by the accomplishments of the Hispanic community,” said Lea Marquez Peterson, president and CEO of the Tucson Hispanic Chamber. “The Hispanic community is younger and seeing improvements in educational attainment each year.”
The chamber presented the report at its annual Southern Arizona Hispanic Market Outlook, held in partnership with Telemundo Thursday at Casino del Sol Resort.
Some of the study’s key findings:
- The average age of Hispanics in Tucson area is 26, compared with the average age of 46 for the non-Hispanic white population
- In the Tucson area, 56 percent of Hispanics own their own homes, while 65 percent have owned their homes for more than five years
- 41 percent of Hispanics in the Tucson area are employed full time, versus the general population at 37 percent.
- The purchasing power of Arizona Hispanics is projected to grow more than 23 percent over the next five years.
- Consumer spending in the Tucson Hispanic market is expected to increase 88 percent over the next ten years
The chamber says its report is the most comprehensive Hispanic market study available with data for Pima, Santa Cruz and Cochise counties.