Housing Giants - August 25, 2008 - (Page 15) tHe Fastest growing minority segment Consider the size of the Latino market. Latinos are the fastest growing segment of America’s population and accounted for 40 percent of the total U.S. population increase from 1990 to 2000. Recent U.S. Census Bureau updates conclude that Latinos are now the largest minority group in the U.S., and every projection indicates that the momentum of that population growth will continue. Census Bureau projections from 2000 to 2050 make clear that the fastest growing segment of the nation’s population across that period is expected to be the Latino population. During a time when the white non-Hispanic population will grow by 18 million people, the African-American population by 25 million, and the Asian population by 27 million, the Latino population in America will grow by 63 million. We can look to California to predict what the rest of the country will experience if home builders do not act now and commit to meeting the needs of the Latino market. California will soon face a severe housing crisis. According to reaching the Latino market is much more than producing spanish-language marketing materials or hiring spanishspeaking sales representatives. the California Department of Finance, California is expected to grow by more than 14 million people by 2030. Of those 14 million people, nearly 80 percent, or 11.4 million, are expected to be Latino. The California Building Industry Association estimates that 4 million new homes will be needed to accommodate California’s growing Latino population. California’s housing demand should be a lesson for the rest of the nation. Now is the time for home builders to prepare to respond to the demands of the Latino market. www.Housinggiants.com 8.25.08.Housing giants 15 http://www.cbia.org/go/cbia/ http://www.cbia.org/go/cbia/ http://www.housinggiants.com
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