AUSTIN, TX – New research released today by Texans for Economic Growth, a statewide 110-member business coalition powered by New American Economy (NAE), underscores the crucial role Hispanic Texans play in the state’s economy, and across the major metros of Austin, Brownsville, Dallas and Fort Worth, El Paso, Houston, and San Antonio.
The new factsheets were prepared in partnership with the Texas Association of Business and the Texas Association of Mexican American Chambers of Commerce (TAMACC) and released at a virtual roundtable discussion moderated by J.R. Gonzales, Executive Vice Chair of TAMACC. Roundtable participants included Anette Landeros, President and CEO of the Fort Worth Hispanic Chamber of Commerce, Massey Villarreal, incoming Chairman of the Texas Association of Business, Dr. Sandi Wolff, Head of Strategic Relations and Membership for the San Antonio Hispanic Chamber of Commerce, Sergio Contreras, President and CEO of the RGV Partnership, and Andrew Lim, Director of Research at New American Economy.
“These latest numbers prove what many Texans already know, Hispanic Texans are crucial contributors to the economy, workforce, and fabric of Texas life,” said Chelsie Kramer, Texas State Organizer for New American Economy. “With a share of nearly 40 percent of Texas’ overall population, Hispanic Texans pay more than $51 billion in taxes annually which funds social services and infrastructure projects that benefit all Texans.”
“As we prepare for the post-pandemic economic recovery, it is important to know how Hispanics can and will contribute to keep the Texas economy thriving,” Gonzales said. “The new data shows Hispanics can demand a seat at the table now that we can show that what we bring to the dinner party is crucial,” said J.R. Gonzales, Executive Vice Chair of TAMACC.
“Hispanics are strong and critical contributors to the Texas economy, with $162.4 billion in spending power. They take their hard-earned dollars and pour them back into our communities, supporting businesses of all types. Texas would not be the economic engine that it is — and now the ninth largest economy in the world — without our growing Hispanic population,” said Glenn Hamer, President and CEO of the Texas Association of Business.
- Hispanic Texans in the state are contributing billions in taxes and consumer spending. In 2019, Hispanic households earned $213.7 billion in income, with $32.6 billion going to federal taxes and $18.7 billion going to state and local taxes, leaving them with $162.4 billion in spending power that can be reinvested in local communities. Robust consumer spending by Hispanic households supports small businesses and keeps local economic corridors vibrant.
- Hispanic Texans are helping drive population growth in the state. Between 2010 and 2019, the U.S.-born Hispanic population grew by 26.7 percent, while the foreign-born Hispanic population grew by 8 percent. In 2010, 37.7 percent of the overall population in Texas were Hispanic, that number grew to 39.8 percent in 2019.
- Hispanic Texans play a crucial role in meeting the state’s workforce needs. In 2019, 66.7 percent of the overall Hispanic population and 66.4 percent of the foreign-born Hispanic population were active in the labor force, compared with 64.1 percent of the non-Hispanic population.
- Hispanic Texans hold substantial voting power. In 2019, there were nearly 5.7 million eligible Hispanic voters, including more than 960,000 naturalized citizens. Overall, the Hispanic population made up 31.1 percent of the electorate, including Hispanic naturalized citizens, who on their own made up 5.2 percent.