A new study by economic group IHS Global Insight predicts that the Hispanic population will make up 40 percent of the U.S. workforce within the next five years.
Researchers expect Latinos to grow by approximately 3 percent every year for the next two decades; and by 2020, 75 percent will make up the employment sector.
One age group in particular, however, is making the most impact in the developing economic shift.
Latino Workers Make Their Mark
Latinos currently make up 58.9 percent of the U.S. job market. Their numbers have surpassed the African American community (51.7 percent) and is not too far away from reaching White America’s percentage (59.4 percent).
The study shows that almost half of the Hispanic population that were working in 2014 was no more than 35 years old or younger.
In comparison, non-Hispanic workers struggle to stay afloat in the labour market.
One situation reveals how younger workers are not successfully replacing seniors leaving the workforce.
Last year, 33 percent non-Hispanic workers older than the age of 55 made up the U.S. working class while Hispanics within the same age group made up only 12 percent.
Hispanics may very well start to account for 11 million out of 14 million jobs anywhere between 2020 and 2034.
Experts say that the younger generation is the driving force behind this approaching reality.
"The Hispanic population is a younger and faster growing segment of the population, while trends in the non-Hispanic population are heavily influenced by the aging baby-boomer generation that is moving into retirement," declares IHS Economist James Gillula, who also leads the study.
In addition to his theory, Gillula believes that the Hispanic labor force has an "increasingly significant role in future U.S. employment growth."
The country’s workforce has steadily declined since the start of the recession in 2007. However, Latinos have been helping to curve a failing job market.
A Growing Population Helps the Economy
Pro-immigration efforts from the Obama Administration have contributed to a rising Latino population in the U.S.
According to data, Hispanics make up 17 percent of the U.S. population. The Census Bureau suspects that these numbers will reach to over 29 million by 2034. In addition, the number of Latino people born outside the U.S. will drop from 39.7 percent to 34.8 percent by the same year.
While Republicans continue to push forward an agenda to deport thousands of families, President Obama fights to secure the stay of these foreign settlers. He envisions that a growing workforce will be the answer to replacing retiring baby boomers and stabilizing the nation’s debt, which has already reached over $18 trillion.
Overall, Latino workers are filling in all the spots non-Hispanic workers won’t when it comes to the retiring employment group.
The only fear the study portrays is the tug-of-war between Republican lawmakers and President Obama over immigration policies. This ongoing debate could cause a future slump in the group’s population growth rate.
As Hispanic workers continue to add an increasing amount of productivity to the workplace, economists figure that the U.S. labor force will continue to develop over time as well.