The report, “The State of Latino Chicago 201: The New Equation”, by the University of Notre Dame’s Institute for Latino Studies concluded that Latinos contribute almost $1.2 billion more in tax revenues than they cost in the delivery of public services.
“In economically trying times, with many looking for a scapegoat for our region’s fiscal woes, the Institute for Latino Studies once and for all refutes the notion that Latinos are socio-economic drains,” said Sylvia Puente, Executive Director of the Chicago-based Latino Policy Forum.
The Chicago metro area’s total workforce will likely be 25% Latino by 2015, suggesting that the city’s future prosperity may very well depend on the success of Latinos, according to the report.
“Investing in Latinos offers a sound return on investment, helping shape our strong, shared future as a region,” said Puente.
The report examines the contribution of Latinos to the Chicago-area economy through their labor participation, business ownership, and impact of their spending power. It is based on the latest U.S. Census data, coupled with local, state, and federal reports.
- Latinos own more than 56,000 businesses, about 6.5% of all businesses in the Chicago metropolitan area.
- Latinos make up 22% of the region’s population.
- Latinos have 64% of Caucasians’ median household income.
- The recession hit Latinos particularly hard, with unemployment in 2008 at 7.2%, rising to 12.1% in 2009.