Latest GDP Report Highlights Growing Impact of Latinos on US Economy
Latinos in the United States have a huge positive impact on the American economy.
During the first day of the ATTITUDE 2021 conference on September 29, the Latino Donor Collaborative officially released the 2021 US Latino GDP Report, an annual report that calculates the total economic contribution of American Latinos, shows where production rates economy of Latin Americans compared to major countries and economies around the world, and the rate at which it has grown over the years.
In short, Latin GDP can be described as “extraordinary”.
According to the 2021 LDC US Latino GDP report, the total economic output of Latinos in the United States was $ 2.7 trillion in 2019 (the most recent year for which data is available), an increase from 2 , $ 1 trillion in 2015 and $ 1.7 trillion in 2010.
Based on its GDP alone, if Latinos in the United States were an independent country, it would be tied for the seventh largest GDP in the world – bringing it closer to France and surpassing the GDPs of Italy, Brazil and from Canada.
Sol Trujillo, co-founder of L’ATTITUDE, said these numbers explain why ATTITUDE – the national, business-driven initiative focused on discussing the Latino impact on the US economy – was created in first place.
“We created the conversations based on facts and data,” he said.
The data shows that the impact of Latin Americans is vast, overwhelming, and should be noted.
With the 2020 U.S. Census revealing an increasingly diverse population, including the Hispanic population, it is likely that the community’s impact will continue to grow as well.
The report further highlights this level of growth.
Over the past two years, Latin American real GDP growth has averaged 5.63%, doubling the rate of the wider US economy.
In addition, Latin American real GDP has grown 57% faster than United States real GDP and 70% faster than non-Latin American GDP since 2010.
From 2010 to 2019, Latin America’s GDP was the third fastest growing among the 10 largest GDPs, while the wider U.S. economy ranks fourth.
The main industrial sectors of the Latin American GDP of the United States are:
- Education and health ($ 446 billion or 16.4% of the Latin American GDP of the United States)
- Professional and business services ($ 327 billion or 12% of Latin American GDP)
- Finance and real estate ($ 252 billion or 9.3% of Latin American GDP)
“Latinos are the engine of US economic growth and they go where jobs go,” said Matthew Fienup, chief economist at the Center for Economic Research & Forecasting.
“Latinos provide the workforce and the engine of economic growth,” added Ana Valdez, Executive President of the Latino Donor Collaborative.
However, the largest component of this GDP is personal consumption.
At $ 1.85 trillion in 2019, Latin Americans represent a consumer market almost the same size as the entire Texas economy.
“There are a lot of opportunities on the rise,” said Monica Lozano, senior independent director of the board of directors of Target Corporation. “And when a report like this comes out, it’s easy to make the point that the opportunity is with the Latin market.”
Each year this report is released represents yet another awareness of the growing contributions and impact of Latin Americans on the American economy as a whole.
To access the full 2021 US Latino LDC GDP report, click on here.