News Summary

Recent reports highlight the significant impact of Arizona’s Hispanic community on the state’s population growth, entrepreneurship, and consumer spending. The Arizona Hispanic Chamber of Commerce (AZHCC), under the leadership of Monica Villalobos, provides vital market intelligence and advocate support for minority-owned businesses. Their key resource, the DATOS report, offers in-depth insights into the Hispanic market, demonstrating the community’s economic contributions amidst challenges like the pandemic. With increasing recognition of their influence, AZHCC fosters business growth through networking and partnerships aimed at economic development.

Arizona

The Arizona Hispanic community is a significant driver of the state’s population growth, entrepreneurship, and consumer spending, according to recent reports by the Arizona Hispanic Chamber of Commerce (AZHCC). The 75-year-old organization plays a critical role in supporting minority-owned businesses and shaping Arizona’s economic future.

Under the leadership of President and CEO Monica Villalobos, the AZHCC has become known for its reliable market intelligence and advocacy for minority-owned businesses. One of the Chamber’s key resources, DATOS: The State of Arizona’s Hispanic Market, is now in its 30th year. Initially a 20-page report, DATOS has evolved into a comprehensive digital dashboard accessible to all, allowing users to filter data by year, population, or zip code. This tool is essential for understanding demographic trends and economic opportunities and is vital in combating myths about the economic contributions of Latinos.

During economic downturns, including the recent pandemic, significant consumer spending from the Latino community has supported the overall economy. Many Latino businesses adapted by altering their business models, such as restaurants shifting to catering or takeout services. The AZHCC has worked in partnership with the Vitalyst Health Foundation to apply data in practical situations, focusing on social determinants of health during community discussions.

The data gathered is pivotal for businesses in determining strategic decisions, including site selection and marketing strategies. Minority-owned businesses have demonstrated agility and resilience, a quality that the AZHCC fosters through economic development efforts like access to contracts, financing, and job creation. Approximately 50 to 60 networking events are hosted by the Chamber each year to assist members in expanding their businesses.

The AZHCC operates on five core pillars: economic development, market intelligence, capacity building, advocacy, and education. Additionally, the organization’s foundation has awarded over $600,000 in scholarships to students since 1991.

The DATOS report has been emphasized by Governor Katie Hobbs, highlighting its importance in understanding and addressing the needs of Arizona’s Hispanic entrepreneurs. The report shows that Latinos constitute 32% of the state’s population, 40% of the Phoenix metro area, and 50% of K-12 students. Moreover, the Latino purchasing power in Arizona is reported at $72 billion, revealing the community’s significant role in the state’s economy.

As companies begin recognizing the economic potential of the Hispanic community, areas such as Maryvale have seen successful business ventures attributed to insights gained from DATOS data. In light of this, the AZHCC has entered into a new memorandum of understanding with Sonora Global to promote cross-border economic growth and cooperation.

The economic mobility of Latinos in Arizona is influenced by several factors, including access to affordable housing, workforce participation, and small business growth. Nationwide data shows that although Latino-owned businesses increased by 44% from 2018 to 2023, only 20% secured funding, a figure that is half that of non-Hispanic white counterparts. The overall U.S. Latino GDP reached $3.6 trillion as of 2024, marking the Latino economy as the fifth largest worldwide.

Villalobos accentuated the importance of good data for sound decision-making, particularly when building strategies that will invest in demographics poised to shape Arizona’s future.

Deeper Dive: News & Info About This Topic

• AZ Big Media: How Arizona Hispanic Chamber Data Fuels Business Success
• KTAR: Hispanic Community Economy
• ABC15: Study Insights into Arizona’s Hispanic Communities
• KTAR: ASU Mariachi Program
• Calo News: Arizona Latinos Reach $72B in Buying Power
• Wikipedia: Hispanic and Latino Americans
• Google Search: Arizona Hispanic Community
• Google Scholar: Arizona Hispanic Businesses
• Encyclopedia Britannica: Hispanic Audience
• Google News: Arizona Latino Economy

Author: STAFF HERE PHOENIX WRITER

The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.