Economists predict big impact as Arizona boycott list growsPosted: Updated:
The Latino population -- both in Arizona and the United States -- is growing. In fact, they're responsible for contributing $1-trillion to the U.S. economy.
But with the passing of Senate Bill 1070 and even more organizations boycotting the state, economists predict boycotts from Hispanics could make a big impact.
Hispanics in Arizona spent nearly $31-billion last year. That's according to the Arizona Hispanic Chamber of Commerce, who says the state is dependent on the economic well-being of the 2 million Latinos who live here.
The population is increasing, and Latino women are the fastest growing entrepreneurs here in the state," explains Armando Contreras CEO of the Arizona Hispanic Chamber of Commerce.
That was some of the positive news at this gathering Thursday to learn more about the state of the Latino business and consumer market from Dr. Loui Olivas of Arizona State's Carey School of Business.
But looming over this luncheon is the potential effect of SB 1070 and the growing number of boycotts .
"We are against the boycott, however, that is a result of what happened with the signing of SB 1070," says Contreras.
Dr. Loui Olivas, however, wasn't sure of the bill's effect, "It's too early to tell, but I'd love to tell folks that I truly believe in Arizona. And it's gonna get uglier before it gets better. We have not bottomed out yet unfortunately."
News that concerns small business owner Edmund Marquez, "I think it all trickles through the economy in the sense that it will all come back to the business owners, and the employees of the companies here in Tucson."
The Arizona Hispanic chamber of commerce says they're taking a proactive approach to the boycotts by trying to showcase a positive image of the state.
But Contreras admits it will be a challenge, "I think we're still looking at some of the consequences of SB 1070 so the turnaround where we're gonna look at a positive pathway is gonna be way down the line."
Meantime, the buying power of the Hispanics who are in Arizona continues to grow, which keeps those here, hopeful.
In the meantime, the two-million-member Service Employees International Union joined the growing list of organizations boycotting Arizona Thursday.
The immigration law will go into effect in late July.