A recent study reveals that the U.S. Latino community contributed $3.2 trillion to the economy in 2021.
If isolated, this contribution would place them fifth globally, ahead of the UK and behind Germany.
Latinos have a high labor force participation and are a rapidly growing demographic.
Over the last decade, their income rose by an annual rate of 4.7%, compared to 1.9% for non-Latinos.
The 2023 Latino GDP Report, a joint project between the Latino Donor Collaborative and Wells Fargo, provides this data.
From 2011 to 2021, Latinos drove 20.9% of the nation’s real GDP growth.
Furthermore, they have a significant economic footprint in states like California, Texas, and New York.
Yet, smaller states are also seeing a substantial Latino impact, often described as “a quiet revolution.”
For instance, South Dakota, North Dakota, and New Hampshire reported a minimum of 10% annual real growth in Latino GDP for the decade ending in 2021.
Sol Trujillo, co-founder of the Latino Donor Collaborative, thinks this could influence U.S. immigration discussions.
He warns that anti-immigration policies could curtail job creation and economic expansion.
Globally, the Latino GDP in the U.S. grew third fastest, trailing only China and India, over the past ten years.
The study measures Latino contributions across public services, manufacturing, and healthcare sectors.
It also reports a 6.8% increase in Latino individuals holding bachelor’s degrees or higher between 2011 and 2021.
The U.S. Census Department confirms that in 2021, 62.6 million people of Hispanic origin lived in the United States, comprising almost 19% of the entire population.
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