A new research study indicates that Latinos "will play an increasingly significant role in future U.S. employment growth."
IHS Global Insight, a business consulting firm that provides analysis and expertise to business and government, published a study Tuesday that predicts Latino workers will be crucial in filling vacant positions left open by Baby Boomers who are aging out of the workforce. The study, titled Hispanic Immigration and U.S. Economic Growth, also states that Hispanics will compose over 40 percent of the increase in U.S. employment in the next five years and more than 75 percent between 2020 and 2034.
After analyzing U.S. Census Bureau data and business projections, IHS predicts that 11 out of 14 million jobs will be filled by Hispanics, while Hispanic employment will increase by 2.6 percent each year over the next 20 years.
In the meantime, the job growth among the the group of non-Hispanic working age employees will "slow to near zero" over the same time period, states a press release.
"The Hispanic population is a younger and faster growing segment of the population, while trends in the non-Hispanic population are heavily influenced by the aging baby-boomer generation that is moving into retirement," James Gillula, IHS economist and the study's lead author, said. "The Hispanic population will play an increasingly significant role in future U.S. employment growth."
New non-Hispanic workers entering the labor force are expected to "barely offset retiring Baby Boomers," meanwhile, the population of Hispanics in the U.S. workforce will rise from 16 percent in 2014 to 23 percent by 2034.
According to U.N. projections noted in the study, Latin American countries will continue to be the top source of immigrants to the U.S., reports CBS Connecticut.
"Both Hispanic birthrates and Hispanic immigration dropped as a result of the recession, but we expect them to come back," said Gillula.
Their research also shows that U.S. Census Bureau assumptions about future Hispanic net international migration found the number of foreign born Hispanics will jump from 22 million in 2014 to over 29 million in 2034. At the same time, the foreign-born share of the Hispanic population will decrease from 39.7 to 34.8 percent.
"Higher levels of immigration are conducive to stronger U.S. economic growth, and there are credible scenarios for higher levels of Hispanic immigration than assumed in the study's baseline forecast," IHS said in a statement.