Hispanics in Florida now account for an estimated $56.6 billion in annual spending power, according to a new report from the Partnership for a New American Economy.
The growing earnings of Hispanic households also have made them major contributors to Florida and U.S. tax revenues. In 2013, Hispanic households contributed more than $5 billion to Florida tax revenues and $13.7 billion to U.S. tax revenues, the report shows.
“It is essential that businesses and policymakers understand how Hispanics play a significant role in our economy as consumers and taxpayers,” said Arun Sharma, marketing professor at the University of Miami School of Business Administration. “The Hispanic customer is already influencing retail, food and entertainment industries, and significant impact on other industries is expected.”