Hispanics led U.S. consumer spending during the pandemic recovery, but recent reports show they are now pulling back. According to a report from the Center for Economic and Business Research at Western Washington University, spending by U.S. Hispanic consumers has stalled.
Data from Numerator shows that after years of strong growth, the Hispanic share of consumer spending has slowed over the past two years.
Furthermore, future growth in Hispanic expenditure is unlikely to arise from population gains and may be more vulnerable to changes in immigration policy. Between 2020 and 2024, 40% of net international migration to the United States has been from Hispanic individuals.
In celebration of Hispanic and Latinx Heritage Month, the New York Public Library (NYPL) will showcase diverse stories, including documentaries about artists, soldiers, and activists within Hispanic and Latinx communities in the U.S.
Ahead of this celebration, the Latino Leadership Institute is working to raise awareness by sharing data and stories that highlight the vital role immigrants play in fueling America’s prosperity.
Their report, based on data from nationally recognized sources, reveals that Hispanics, both documented and undocumented, contributed $652 billion in federal, state, and local taxes in 2023.
Immigrant households significantly contribute to local economies through their spending on housing, food, healthcare, and other essential services, with an estimated annual spending power of approximately $1.3 trillion.
Notably, one in four entrepreneurs in the U.S. is foreign-born, and immigrants are 80% more likely to start a business compared to U.S.-born individuals.
Additionally, immigrants or their children have founded 44% of Fortune 500 companies, which collectively generate $8 trillion in annual revenue and employ millions.
According to the Migration Policy Institute and the U.S. Department of Agriculture’s Economic Research Service, immigrants make up 17% of the U.S. labor force, with 30% working in healthcare support roles.
Moreover, 68% of crop farmworkers are immigrants. Immigrants contribute vital funds to schools, build businesses, and drive innovation. They not only contribute to the economy—they sustain it every day.
Hispanics helped fuel US consumer spending during the pandemic recovery. Now they’re pulling back. https://t.co/tcBOznrjlR pic.twitter.com/o0eXjXmpC9
— WWU Center for Economic and Business Research (@PugetSoundEF) September 8, 2025
Hispanic and Latinx Heritage Month is almost here! NYPL loves showcasing diverse stories, including this selection of documentaries about artists, soldiers, and activists from Hispanic Latinx communities in the U.S. All you need to watch is a library card!https://t.co/AugZdggrZL
— NY Public Library (@nypl) September 10, 2025
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