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The latest national-level statistics provide crucial market insight for research and development efforts in the food industry, which has already significantly invested in targeting the nation's minority populations.
According to the Income, Poverty, and Health Insurance Coverage in the United States: 2006 report, real median household income in the nation climbed between 2005 and 2006 to reach $48,200.
Asian households had the highest median income at $64,200, followed by non-Hispanic white ($52,400), Hispanic ($37,800) and black ($32,000) households. Income levels remained statistically unchanged between 2005 and 2006 for each of these groups.
Figures released by the US Census Bureau in May this year revealed that Hispanics, blacks, Asians and other minority populations now make up one third of the US population. In July 2006, the US minority population reached 100.7m.
The Hispanic population is the largest minority group, with 44.3 million US residents in July 2006 - 14.8 percent of the total US population. This is also the fastest-growing minority group, boasting a 3.4 percent increase between July 2005 and July 2006.
Indeed, not only is the Hispanic population increasing in size, but according to a report by the Selig Center for Economic Growth at the University of Georgia, it is also gaining in purchasing power. The Selig Center revealed that Hispanic purchasing power will reach $863.1bn this year, topping that of all minority groups and overtaking the African-American population.
Blacks were the second-largest minority group in the US, totaling 40.2m in 2006, and increasing by 1.3 percent, or 522,000, between 2005 and 2006. Asians were the third largest minority population in the US, according to the Census Bureau, with 14.9m residents, but were the second fastest-growing minority group, with a 3.2 percent population increase during the 2005-2006 period.
Moreover, the Selig Center cited their projected buying power as second only to that of the Hispanics. This is forecast to grow 434 percent between 1990 and 2011, compared to the 457 percent gain for Hispanics.
The latest US Census Bureau data, which were compiled from information collected in the 2007 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC), revealed that overall affluence by region remained statistically unchanged in the nation's four regions
The Northeast and West were found to have the highest household incomes in 2006 at $52,100 and $52,200, respectively, followed by the Midwest ($47,800) and South ($43,900).
Among states, Maryland, New Jersey and Connecticut had the highest median household incomes in 2006, while Mississippi and West Virginia had the lowest.
Real median household income rose between 2005 and 2006 in 15 states and the District of Columbia, while no states experienced a decline.
Seven states that experienced increases were in the West (Arizona, California, Nevada, New Mexico, Oregon, Utah and Washington), six were in the South (Florida, Kentucky, Louisiana, Maryland, North Carolina and Texas) and two were in the Midwest (Kansas and South Dakota).
In terms of earnings, New Jersey, Connecticut, Massachusetts and Maryland had median earnings above $50,000 for men that worked full time, year-round in 2006. Connecticut, Maryland, New Jersey and the District of Columbia were the only states or state equivalents where median earnings for women who worked full time, year-round were above $40,000.
