Home Business New Study Shows U.S. Latino Economic Output Surges to $3.2 Trillion

New Study Shows U.S. Latino Economic Output Surges to $3.2 Trillion

New Study Shows U.S. Latino Economic Output Surges to $3.2 Trillion

A new report by the Latino Donor Collaborative and Wells Fargo reveals that the U.S. Latino economy has reached $3.2 trillion in 2021, showing substantial growth compared to $2.8 trillion the previous year. Over the past decade, the Latino economy has grown two and a half times faster than the non-Latino equivalent, surpassing the GDP of major countries such as the UK, India, France, and Italy. If the Latino community were its own nation, its GDP would rank fifth in the world. Despite this significant economic power, it is currently under-invested and under-engaged.

The report highlights that the strength of the Latino community lies in industries such as accommodation and food services, construction, administrative support, waste management, and transportation. Growth is not only widespread geographically across the U.S., but it is particularly evident in California, Texas, and Florida, amounting to economic impacts of $682 billion, $465 billion, and $240 billion, respectively. The high population share, labor force participation, and overall productivity of the Latino community in these states contribute to this growth.

The report also reveals the surprising surge of Latino emerging markets in states like South Dakota, North Dakota, and New Hampshire, which have experienced the highest GDP growth rates since 2011. In South Dakota, the economic impact of Latinos grew by 11.8% in 2021, slightly outpacing its neighbor. However, despite the rapid growth, a substantial wage gap persists in the country, with Latino workers earning 80 cents for every $1 earned by white non-Hispanic employees. The report emphasizes the importance of businesses staying ahead of these changes and meeting the evolving needs of their Latino customer base. Latinos’ purchasing power in the U.S. is also strong and reached $3.4 trillion in 2021, growing 2.1 to 2.4 times faster than non-Latino counterparts. The report concludes by urging early investment in the Latino community, considering its projected growth in the coming decades.

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