Hispanic economic impact in Southeast Michigan.

The first-ever study of the Hispanic/Latino community’s economic impact on Southeast Michigan shows that residents of Hispanic descent contribute at least $14.5 billion to the regional economy. The study, which also documents a 27.9 percent increase in the Hispanic population living in the seven-county Southeast Michigan region since 2000, was released today at the 2008 Hispanic Business Expo & Economic Summit in Detroit.

Wayne State University (WSU) researchers forecast rapid growth in the Hispanic community in Southeast Michigan, estimating that Hispanics will make up a larger portion of the overall population, increasing from 2.4 percent to 7.3 percent between 2005 and 2035. The vast majority of this growth will come from U.S.-born Hispanics, as opposed to new immigrants, as 78.1 percent of Southeast Michigan’s Hispanics are U.S. Citizens

The Southeast Michigan Hispanic/Latino Economic Impact Study seeks to understand and ultimately increase the impact of Hispanics/Latinos on the economy of Southeast Michigan and Michigan as a whole. To meet that objective, the group is pursuing a three-tiered study to measure the economic impact of the Hispanic/Latino community, identify the community’s patterns of investment and increase Hispanic/Latino economic power and political representation.

Using the Regional Economic Model, the study estimates that the economic activity of Hispanic residents in the region supports 181,053 total jobs in Southeast Michigan. “That is relatively high, compared to other communities,” said Dr. Lyke Thompson, Director of the WSU Center for Urban Studies and lead researcher on the study. “Essentially, for every 100 Hispanic jobs in the region, Hispanics help support approximately 95 additional jobs.”

“For too long, we had only anecdotal information about the Hispanic business community’s economic force in this market,” said Frederick Feliciano, President of the Hispanic Business Alliance, a 30 year-old organization committed to bringing together Hispanic entrepreneurs. “Now, we have some hard evidence that should serve as a point of pride for our community, as well as encourage the greater business community to recognize the opportunities in doing business with us.”

The study also finds that, though Hispanics represented only 3.5 percent of the total population in the region in 2006, their economic activity accounted for 6.5 percent of the total employment, 6.4 percent of the total earnings and 6.2 percent of the total economic output in Southeast Michigan.

“This report reinforces our philosophy in Wayne County to highlight and promote our diversity,” said Wayne County Executive Robert Ficano. “The Hispanic community makes up a significant part of our workforce. The study also shows that jobs within the Hispanic community help create more jobs. This community, filled with a rich history and culture, will have a great impact on the economic future of our county.”

“Around the country, Detroit is considered an emerging market for Hispanic business. Now, we have facts to support that reputation,” said Feliciano.

For more information at http://www.hbadetroit.org>