It has been an incredibly productive and active year for the U.S. Hispanic Chamber of Commerce and our growing business community. The USHCC has answered the call and has reached unparalleled levels of advocacy and influence. We also hosted prominent political and business figures from the U.S. and Latin America during our two major national events, the 16th Annual Legislative Conference in Washington, D.C, and our 27th Annual National Convention & Business Expo. Our more than 200 local chambers across the U.S., Puerto Rico, Mexico and Canada were key contributors to this unprecedented success.

Although we are disappointed by Congress’ reluctance to pass true immigration reform, the Senate crafted and passed a compromise bill that demonstrated its willingness to find comprehensive solutions to our nation’s complex immigration woes. Also, Congress has continued to work towards extending the income, death, capital gains and other taxes before they expire. The review of the Small Business Administration and its programs has begun, and we are excited at the opportunity to further advance Hispanic business priorities.

We can feel proud that Hispanics and immigrants continue to be responsible for our nation’s population and economic growth. The celebration of two milestones, our country’s population reaching the 300 million mark and the Dow Industrial Average breaking all previous records by surpassing the 12,000 mark serve as further proof of Hispanics’ undeniable cultural, political and socioeconomic footprint in this great nation. Let there be no doubt that Hispanic business owners are the frontlines of this economic growth. Hispanic-owned businesses grew 31 percent between 1997 and 2002—three times the national average for all businesses. To add to this, Latina-owned businesses are growing at a rate six times that of the national average, an impressive achievement that we should all be proud of. Two million Hispanic businesses generated nearly $222 billion in revenue, up 19 percent from 1997. Hispanic unemployment remains at historically low levels, while Latino workers continue to fulfill employment gaps and workforce shortages in important sectors of our national economy.

Our communities are also on the frontlines of our nation’s stellar economic growth in our role as consumers. Hispanic buying power in the United States will reached an unprecedented figure in 2006 at just under $800 billion—and is projected to exceed that in 2007. In 2015, our buying power may reach as high as $1.5 trillion. We can be proud that the Hispanic community is setting the trends of this new millennium, from businesses and products to pop culture, music and food. Imagine how you would have responded 15 years ago at the notion that salsa will outsell ketchup as America’s number one condiment and that tortillas now outsell white bread in supermarket shelves across the country.

The coming year is full of opportunities, including many that were unmet by Congress this year. We will work towards improving small business reform and contracting requirements, extending tax reform to hard-working businesses and individuals, and revamping our immigration laws so they are tough, but fair to the 12 million undocumented workers that work hard, make enormous contributions to our nation’s economy, but are yearning to come out of the shadows and breathe free.

We will continue to advocate of our two million Hispanic-owned businesses and gain an even greater foothold on the economic, political and cultural landscape of this great nation. As always, our mission is—and will remain—to bring continued prosperity and opportunities to the fastest growing segment of the U.S. marketplace, our nation’s small businesses and entrepreneurs, the engines of economic growth.

Here’s to a great 2006 and even more prosperous 2007.

Felicidades,

Michael L. Barrera.