Latino buying to shape future (by Brent Hopkins, Whittier Daily News - 4.13.07)
Latinos work hard, have money and spend it, and their vast buying power - close to $900 billion nationally this year - will shape the future of American society, including the housing market, panelists at a business forum said Thursday.
"This is a very hard-working community," said Henry Cisneros, who chaired the program presented by the Tomas Rivera Policy Institute, a nonprofit research organization headquartered at USC. "No one surpasses the foreign-born Latinos when it comes to work ethic."
That work ethic translates into serious dollars. According to data from a recent University of Georgia study cited at Thursday's conference, Latinos will account for $863.1 billion in buying power this year. By 2011, that will swell to $1.2 trillion.
The trick for the businessmen and academics in attendance at the two-day forum, held at the Beverly Wilshire Hotel, is to turn that buying power into things like homeownership and future economic development.