Released in spring 2003, the Census 2000 revealed that the Hispanic population reached 38.8 million, becoming the largest minority population in the United States. Since then, many leaders from the Latino community and others have mentioned this figure time and time again as if it were an unalterable truth.

This is lamentable since the number is incorrect. The correct figure, which is much higher, has been overlooked along with the implications of a much larger population. In fact, what the census report stated was that the 38.8 million mark was reached in July 2002, not June 2003, when the Census Bureau announced it.

The same report indicates that the Hispanic population grows at a rate of 2.8 percent per year. Therefore, halfway through 2003 another 1.07 million were added to the numbers and at the end of 2003 another 500,000 souls. And since the Census publicly recognizes that it underestimates the Hispanic population by 5 percent each decade, for the census of the year 2000 another 1.9 million Hispanics would have been added.

For those who commercialize everything—from Barbie dolls and Levi’s to MTV—take note that Puerto Rico makes up part of the Hispanic population in the United States. This means that another 3.9 million islanders need to be added to the figures. And who knows how many undocumented immigrants from Spanish-speaking Latin American countries live in the United States? A conservative estimate would be 2 million.

So, there you have it. The oft-quoted figure of 38.8 million—incorrect when it was announced and erroneously mentioned so many times—is even more seriously incorrect at the beginning of 2004. If we do the math, the true figure ascends to more than 48 million Hispanics. This represents a difference of 10 million. Projections from a couple years ago that the Hispanic population would ascend to 50 million by 2007 have to be adjusted upward!

What does all this mean? Well, it means that Hispanics, whose population has already grown five times faster than the rest of the population, are turning into a powerful economic, cultural and political force at an incredible speed. It is seen in the integration of our foods, our music, fashion, language and business. Another factor is our participation in government, which leaves no doubt that Hispanics are transforming the social landscape.

Everything above signifies that the estimates of Hispanic spending power have not been correct. The magazine Hispanic Business, a very reliable barometer of the Hispanic condition, recently reported that the spending power would have increased to $600 billion by the end of 2003—this is the figure that is mentioned the most. Another source, however, estimated last November that the spending power had risen to $800 billion.

Who’s right? We don’t know. It’s possible that $600 billion is a conservative number, while $800 billion could represent an exaggeration. But, for the purposes of our analysis, let us say that at the beginning of 2004, Hispanic spending power will be $700 billion.

Since many products that target Hispanics in the United States also are sold in Mexico, the dimensions of a Hispanic-Mexican market are almost inconceivable. Any company that depends to any extent on this market has to pay a lot of attention to these realities.

Advertisers in the Hispanic market, therefore, have to adjust their budgets. The media that addresses Hispanics—in English as well as in Spanish—have to strengthen their messages to potential advertisers. The corporate representatives who participate in Hispanic conferences should verify their numbers and make sure that their presentations are factually correct. And politicians who cultivate the Hispanic vote with the national elections of 2004 in mind have to refigure their approach.

It’s easy to quote a report from the Census, but you must read everything. And you have to make the necessary adjustments like those included in the present analysis that the Census failed to mention. It is essential to try to interpret more accurately how many Hispanics there are, how much they spend today and how much they will spend tomorrow, and the implications for the 2004 elections.

Only by recognizing the true figures will we be able to fully understand the true promise and strength of this community.