Report: U.S. Latino economic muscle grows to $3.2 trillion
The economic power of U.S. Latinos nationwide, including Florida, rose to $3.2 trillion and, if they composed an independent country, their gross domestic product, or GDP, would make it the world's fifth-largest economy, according to a new report.
The California-based Latino Donor Collaborative, a non-profit organization that compiles data and research about Latinos nationwide to highlight their contribution to American society, also reported a state−by−state breakdown of Latino GDP.
It found California led all states with GDP of $682 billion, followed by Texas ($465 billion) and Florida ($240 billion).
“U.S. Latinos are not a niche market, nor small, nor as sometimes described as a market of the future,” says Sol Trujillo, who co−founded Latino Donor Collaborative and Chairman of the Board. “It is already the third fastest growing economy on the planet, and may soon rival China’s growth rates.”
LDC partnered with Wells Fargo to produce the report — 2023 Official LDC U.S. Latino GDP Report. It is being released Wednesday to kick off the L’ATTITUDE annual conference in Miami Beach, one the nation’s largest business events focused on promoting the U.S. Latino market. It is the sixth annual report by the Latino Donor Collaborative.
The four−day L’ATTITUDE conference runs from Wednesday to Saturday at The Fontainebleau Miami Beach. The annual conference brings together U.S. Latino leaders in business, media, politics, science and technology.
The Latino GDP report’s authors wrote that population growth and workforce participation are among the key factors driving the high impact of Latinos in the U.S. economy. They found that from 2010 to 2021, the population grew by 12.1 million people — 1 million more than the non-Latino population. And that the percentage of Latinos in the workforce was 5.4 percentage points higher than non−Latinos.
The report found that Latinos were buying homes at a faster rate than non−Latinos, though the percentage of Latinos who own homes remains low. A separate report by a Latino realtors group notes that the number of Hispanic homeowners topped 9.1 million last year, representing almost 49% of all Latino households.
“The Official LDC U.S. Latino GDP Report is crucial for decision-makers across all industries who rely on data-driven analysis to give them the edge in reaching new audiences, increasing awareness and influence, and driving sales,” said Ana Valez, CEO and President of the Latino Donor Collaborative in a statemen. “None of that is possible without tapping into the U.S. Latino economy.”
“The 2023 report’s findings show companies that discount the U.S. Latino cohort do so at their own peril,” Valdez added.