The U.S. Latino economy continues to grow, reaching $3.2 trillion in 2021, up from $2.8 trillion a year ago, according to a new report from the newspaper. Latino Donor Collaborators Partnered with Wells Fargo.
Over the past decade, the U.S. Latino economy has grown 2.5 times faster than the non-Latino economy and exceeded the gross domestic product of the United Kingdom, India, France and Italy, according to a report released Wednesday by LDC. It is said that A nonprofit, nonpartisan group focused on changing perceptions of U.S. Latinos through data and economic research.
If Latinos were an independent nation, their GDP would rank fifth in the world, the study found.
“Our huge economy is currently under-invested and under-participated,” Sol Trujillo, president of the Latino Donor Cooperative, said in an interview on CNBC’s “Squawk Box.”
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Industry strengths for Latinos remain stable, including lodging and food services, construction, government support, waste management and transportation.
While the growth of the Latino community remains geographically widespread in the United States, the community has particularly driven growth in the states of California, Texas, and Florida, contributing $682 billion, $465 billion, and $240 billion, respectively. brought about economic effects.
This is primarily due to the high population share, labor force participation, and overall productivity of the Latino community in these states.
“If you look at the graphs that we have in our study, we can say that growth in 48 of the 50 states is related to this.” [Latino] Cohort,” Trujillo said.
Spectators cheer at the Puerto Rico Day Parade in New York. Thousands lined both sides of Fifth Avenue for the annual parade celebrating the achievements and influence of Puerto Ricans and Latinos in the city.
Eric Thayer | Reuters
According to LDC’s analysis, California’s Latino economy alone is the 21st largest economy in the world, behind only Poland and Switzerland.
Among Latinx emerging markets, South Dakota, North Dakota, and New Hampshire experienced surprisingly rapid growth, posting their highest GDP growth rates since 2011. In South Dakota, data shows the economic impact of Latino immigrants grew at an annual rate of 11.8% in 2021. LDCs, slightly outnumbering neighboring countries.
“Companies operating in these sectors need to stay ahead of the curve to ensure they sustain significant change,” LDC said in its report. “And we can meet the needs of our evolving customer base.”
The report also found that Latino wage and salary income (totaling $1.67 trillion in 2021) grew 4.7% annually more than non-Latinos over the past decade, compared to It also revealed that the number of Americans of ancestry increased by 1.9%.
But despite rapid growth, the country continues to have wide wage disparities, with the average Latino worker earning 80 cents for every dollar earned by a non-Hispanic white employee.
The purchasing power of Latinos in the United States is strong, reaching $3.4 trillion in 2021. The collective purchasing power of U.S. Latinos grew 2.1 to 2.4 times faster than non-Latinos, according to the report.
“Over the rest of this century, this group will continue to grow,” Trujillo said. “So for those who want to get in early, think about that. Think about the structure of the capital and funding that could be coming in.”
The survey results are latitude This conference examines the state of Latinx leadership, participation, and representation in American corporate, public, media, and entertainment sectors.
This report is based on data from 2021, the most recent year for which information is publicly available. It includes data from the U.S. Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, and more.