Racial and ethnic minorities now surpass non-Hispanic whites as the largest group of American children under 5 years old, the Census Bureau said last week.

The reversal in 2014 marked a milestone in a trend toward a more diverse U.S. that’s projected to continue. Births outnumbered deaths for all ethnic and racial groups last year except for non-Hispanic whites, the new Census data show. A report earlier this year projected that by 2044, today’s majority white population will be the minority.

The changing demographic tides carry many implications for businesses. Minority households may shop differently than their majority counterparts, for instance, and have historically lower homeownership rates. 

Today’s ethnic and racial minorities will form the cornerstone of tomorrow’s labor market.

Bloomberg News