This study is based on new projections of Hispanic population growth from 2000 to 2050, which uses unique methodology to disaggregate growth rates and other demographic indicators by generation. The result is a more detailed look at demographic trends than is possible from the Census Bureau's projections or its published tabulations of data from decennial counts. Data indicate that the Latino immigrant population can be expected to continue increasing, and the growth rate for the second generation has already gained sufficient momentum that it will remain higher than the first generation's even if immigration flows accelerate. The Hispanic population will grow by 25 million people between 2000-2020, with the second generation accounting for 47 percent of the increase. The same basic trends are evident even with an estimate of immigration flow 50-percent higher than the mid-range assumption. About one in seven new students enrolling in U.S. schools from 2000-2020 will be second generation Latino. During this same time, the Latino labor force is projected to increase by 77 percent (compared to 9 percent in the non-Hispanic labor force). Changes in the generational composition of the Latino population will have broad consequences because of important differences in many characteristics (language, education, income, and intermarriage). (SM)