BOSTON, Massachusetts – A new examination of Boston’s Latino community shows that Latinos have accounted for almost all of Boston’s population growth since 1980, and finds Latinos represent untapped potential if the city is to continue to grow and prosper. The report, Powering Greater Boston’s Economy: Why the Latino Community Is Critical to Our Shared Future, was released this morning at an event hosted by the Latino Legacy Fund at the Boston Foundation, and held at the Institute of Contemporary Art in Boston. Boston Mayor Marty Walsh spoke at the event, which featured remarks from Boston Foundation President and CEO Paul Grogan, and two panel discussions moderated by Marcela Garcia, editorial writer for The Boston Globe.
“The data show Latinos are making up ever-larger shares of Greater Boston’s population, workforce and economy,” said Paul S. Grogan, President and CEO of the Boston Foundation. “But what is even more remarkable are the untapped possibilities that remain. If we are to achieve a future of shared prosperity in our city and region, we must recognize and capture the potential energy the Latino community offers.”
Nonetheless, Latinos are making a growing impact as business owners, workers and entrepreneurs. Latinos now own more than 10 percent of Boston businesses, and account for $9 billion in Gross Domestic Product in Suffolk County – a nearly tenfold increase since 1980.
“Boston’s diverse and growing Latino community already is making tremendous contributions to the region’s cultural and economic life, but its potential is even greater,” the Boston Indicators report concludes. “It’s no exaggeration to say that our city’s future vitality depends on tapping the wellspring of human capital within the Latino community. When Latinos thrive, we all thrive.
The Boston Foundation, Greater Boston’s community foundation, is one of the largest community foundations in the nation, with net assets of some $1 billion. In 2016, the Foundation and its donors made $100 million in grants to nonprofit organizations and received gifts of more than $107 million. In celebration of its Centennial in 2015, the Boston Foundation launched the ongoing Campaign for Boston to strengthen the Permanent Fund for Boston, the principal endowment fund focused on the most pressing needs of Greater Boston. The Foundation is proud to be a partner in philanthropy, with more than 1,000 separate charitable funds established by donors either for the general benefit of the community or for special purposes. The Boston Foundation also serves as a major civic leader, think tank and advocacy organization, commissioning research into the most critical issues of our time and helping to shape public policy designed to advance opportunity for everyone in Greater Boston. The Philanthropic Initiative (TPI), a distinct operating unit of the Foundation, designs and implements customized philanthropic strategies for families, foundations and corporations around the globe. For more information about the Boston Foundation and TPI, visit tbf.org or call 617-338-1700.