U.S. Latino Gross Domestic Product Estimated To Be 7th Largest in the World
New research illustrates just how valuable the Latino population is to the U.S. economy and workforce, and will continue to be moving into the future
A recent study titled Latino Gross Domestic Product Report: Quantifying the Impact of American Hispanic Economic Growth released by the Latino Donor Collaborative (LDC) puts a number to the value of the U.S. Latino population. And it’s a big one.
“At $2.13 trillion, the estimated U.S. Latino GDP [Gross Domestic Product] is the seventh largest GDP in the world, with American Latinos driving growth of the U.S. workforce and economy,” the LDC stated in a press release announcing the report.
Along with that notable figure, here are some other findings of the study:
1. Latinos accounted for 70% of the U.S. workforce’s increase in the first half of the decade
2. Of the top 10 economies in the world, the Latino GDP would be the third-fastest growing
3. The Latino GDP is projected to account for 4% of total U.S. GDP growth by 2020
4. The U.S. Latino GDP is growing 70% faster than the country’s non-Latino GDP
5. If these rates are sustained, Latinos will contribute nearly one quarter of all U.S. GDP growth between 2019 and 2020
6. The U.S. Latino GDP is the seventh largest GDP in the world, trailing only the U.S., China, Germany, the United Kingdom, and France.
7. While the non-Latino workforce shrank by about 4,000 workers between 2010 and 2015, the Latino workforce grew by nearly 5 million
8. The Latino college graduate population, ages 20–24, grew by 40.6% between 2010 and 2015 (compared to 13.6% for the non-Latinos)
9. Latinos comprise 7% of all 18- to 24-year-old Marines, and 22.2% of 18- to 24-year-olds in the U.S. Army
While there have been several reports on U.S. Hispanic buying power in recent months, this one looks at the overall economic production of U.S. Latinos—providing a clearer picture of their contribution to the United States.
You can download the full Latino Gross Domestic Product Report here.