SAN DIEGO — The United States Latino community is vital to our nation's economy, according to the 2023 Latino GDP Report.
The recently released report shows the significant contribution Latinos make as consumers, producers and business leaders.
This research, now in its sixth year, was done by the non-profit and think tank Latino Donor Collaborative and Arizona State University. It provides a comprehensive view of the economic impact coming from this growing group.
"We want to show the world the contributions that Latinos bring to our economy," Latino Donor Collaborative CEO Ana Valdez said
The 2023 Latino GDP Report shows if U.S. Latinos were a stand-alone country, it would have the 5th largest economy in the world.
"This year, $3.2 trillion of American GDP were produced by Latinos," Valdez added.
The report points to population growth, a strong workforce participation rate and advanced education. Valdez says U.S. Latinos are the future of our country.
From 2010 to 2021, the Latino population saw a surge of 12.1 million individuals, one million more than the non-Latino population. The largest demographic is under the age of 25.
"In the next ten years, Latinos will make up 72% of the new workforce," Valdez said.
Many immigrants from Spanish-speaking countries who set out for a better life, have done so.
"With this wave of immigration from 1980 to 2007 - Latinos are the American dream of this era. Second and first generation are integrating - they're coming with a lot of energy and making our country better," Valdez said.
Valdez says it's not lost on this next generation to make the sacrifice, worthwhile.
"Their parents came here, sacrificed everything, came with nothing - built enough wealth or economic mobility that they could send their kids to University," she added.
The report measures productivity, purchasing power and income growth state by state and nationally. California, Texas, New York and Florida have the largest Latino populations -- but South and North Dakota, Tennessee, Alabama and New Hampshire all see about a 10% jump year after year.
"They come in as entrepreneurs, they're opening businesses - providing services that are not being supplied - creating wealth for everyone," Valdez said.
These researchers say when we know where the growth is coming from, we can continue to expand and only further improve our economy.
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