WASHINGTON, D.C. – U.S. Senator Amy Klobuchar, Vice Chair of the U.S. Congress Joint Economic Committee, released a report today highlighting the critical role Hispanics play in the U.S. economy and said it underscores the need for swift action on comprehensive immigration reform. The report examines trends in Hispanic employment, income, education and homeownership and cites the need for comprehensive immigration reform. Hispanics are expected to account for one third of the U.S. population by 2050, or roughly 120 million people.
“Hispanics are an integral and growing force in America’s economy and society,” Senator Klobuchar said. “I will continue pushing for comprehensive immigration reform and other smart, bipartisan policies that promote economic opportunity for Hispanics and all Americans.”
Klobuchar’s report shows that Hispanics are not only the fastest growing segment of the U.S. population but also the youngest. The median age of Hispanic Americans in 2012 was 27.8 years, compared to 40.1 years for non-Hispanics. Employment among this relatively young and rapidly expanding demographic group has increased sharply in recent years, growing more than three times faster than overall employment.
Klobuchar’s report also analyzes Hispanic homeownership rates, showing that while they dropped off considerably during the Great Recession, a rebound is on the horizon: By the year 2020, Hispanics are expected to account for nearly half of all U.S. homebuyers.
Trends in Hispanic educational attainment are also moving in the right direction: Between 2000 and 2012, the share of Hispanic high school seniors enrolling in college immediately following graduation jumped from 49 percent to 69 percent.
Klobuchar’s report also suggests that comprehensive immigration reform could address many of the economic challenges facing Hispanic immigrants. In a recent poll, 70 percent of Hispanics said that passing significant new immigration legislation this year is very or extremely important. As a member of the Senate Judiciary Committee, Klobuchar has played a key role in advancing bipartisan legislation to reform the U.S. immigration system. According to the Congressional Budget Office, enactment of the Senate-passed immigration reform bill would reduce the federal deficit by $158 billion over the next 10 years and result in a 3.3 percent larger real GDP by 2023 and 5.4 percent larger real GDP in the year 2033.