Impact of the Hispanic Community on the Economic Development of Central Florida

For over twenty-six years, the Hispanic Chamber of Commerce of Metro Orlando has been the leading voice of the Hispanic business community and will continue providing leadership to help connect businesses, elected officials and leaders with one of the nation’s fastest-growing economic and political forces.

Historically South Florida has been the hotbed of Latino culture. Yet, the tides are changing as a huge migration of Puerto Ricans and other Latin Americans are making Central Florida home. Florida has the 3rd largest Hispanic population in the United States, and in Central Florida 1 in 3 persons is Hispanic.

Economic Power
Currently, 70% of the Hispanic population in Central Florida was born in the United States; thus, closing the educational gap between Hispanics and the population at large.

While income growth for Hispanics is 16% since 2005, for those in Central Florida the spending power is expected to grow to $25.7 billion in the next 3 years or 42%.

Politics
The Hispanic population in Central Florida is becoming more involved in manifesting its political influence.

The number of Hispanic voters in the state reached 2.2 million in 2018 or an 8.4 % increase from 2016. Yet, some counties in Central Florida reported a 15% growth in the same period.

Entrepreneurship
Latinos have led small business ownership in the country at around 7% compared to 1% for non-Hispanics. The average age of Hispanics in Central Florida is 20% lower than the population at large; and they tend to own more homes, invest in stocks, use more banking instruments, and spend more as their incomes are usually 40% higher than non-business owners.

All these factors clearly show the impact of the Hispanic community on the economic development of Central Florida.

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