Minority spending power is growing, says a new UGA study

A new University of Georgia study shows that minority buying power in Georgia is skyrocketing.

UGA's Selig Center for Economic Growth just released its annual report on minority buying power. Georgia is now the third largest consumer market for African Americans, who have an estimated $58 billion in disposable income.

The state is also the 10th largest market for Hispanics, whose after-tax spending potential is nearly 14 billion dollars.

According to UGA economist Jeff Humphreys, Georgia's numbers reflect the impressive growth nationwide: "The Hispanic market is really huge. It's larger than the entire economy of Mexico. The African-American market is about equal in size, and the Asian market is coming on strong. If you're looking for fast-paced growth in the domestic consumer market, this is where the action is. "

In addition, Georgia is the third fastest-growing state in the country for Asian buying power.