It's no secret the population of Texas has grown more Hispanic. What many may not recognize is just how quickly the population has changed, and is about to change.
In remarks before the Texas league's Leadership Conference & Resource Rodeo here, Texas State Demographer Steve Murdock said that of Texas' 22.1-million residents, about 6.7 million are of Hispanic origin. That's up from 2.3 million just 10 years ago. At the same time the Anglo population of Texas is growing much more slowly. In 1990, there were 10.3-million Anglos in Texas and by 2000, there were just over 11 million-an increase of some 7.61%. Meanwhile, Murdock said the Anglo population is dying out.
"70 percent of the deaths are Anglos-there are more Anglos dying then being born," he said. "Furthermore, 62% of the births are not Anglo."
Why does any of that matter?
"Demographics send a very strong message (that) your market is diversifying rapidly," Murdock told the meeting.
Texas In 2010
Murdock projected that by 2010 Hispanics will comprise 39.3% of the state's total population, and that Anglos, who represent 71% of the population today, will decline to 45% that same year. By the year 2020, Hispanics are expected to surpass the Anglo population, making up 46.5% of the total population, while Anglos will decline to 37.3% of the population.
As a result, Murdock said the future of Texas is tied in large part to that non-Anglo population and how they do financially. He noted that today Texas' future is tied to the non-Anglo population, and how well they do; the average household income for Hispanics is two-thirds that of Anglos. In 2000, just slightly more than 20% of Hispanics 25 years or older obtained a high school diploma and only 10% earned a college degree.
He further noted that the demographic trends are not limited to Texas, and that credit unions must adapt.
"If you don't have Spanish speaking associates in your organization then you are part of Texas past, not Texas future," Murdock asserts.
