A new report by researchers from California Lutheran University and UCLA reveals the significant contribution of Latinos to the US economy, especially during the COVID-19 pandemic. The report shows that Latinos in the US generated a total economic output, or gross domestic product (GDP), of $3.2 trillion in 2021, surpassing the $3 trillion mark for the first time.
Latinos have the fifth-largest GDP in the world
According to the 2023 US Latino GDP Report, if Latinos in the US were an independent country, their GDP would be the world’s fifth largest, bigger than the economies of the United Kingdom, France, Spain, Italy, and India. The report also shows that Latinos have the second-fastest growth rate of all the top 10 economies, only behind China.
The report’s authors attribute this impressive performance to several factors, such as the young and growing Latino population, the high labor force participation rate of Latinos, and the entrepreneurial spirit of Latino business owners. The report also highlights the diversity of Latino economic sectors, with finance, insurance, and real estate being the largest and fastest-growing one.
Latinos helped sustain the US economy during COVID-19
The report also reveals how Latinos helped keep the US economy afloat during the COVID-19 pandemic, which disproportionately affected Latino communities in terms of health and income. Despite these challenges, Latinos continued to work in essential sectors such as health care, agriculture, food production, and transportation. Latinos also increased their spending on goods and services, boosting consumer demand and stimulating economic recovery.
The report’s authors argue that Latinos are not only resilient but also resourceful in times of crisis. They point out that Latino businesses adapted quickly to the changing market conditions and leveraged digital platforms to reach new customers. They also note that Latinos increased their savings and investments, showing financial prudence and foresight.
Latinos need more support and recognition for their economic contributions
The report also emphasizes the need for more support and recognition for Latinos and their economic contributions. The authors suggest that policymakers should invest more in Latino education, health care, infrastructure, and access to capital. They also urge businesses to tap into the Latino market potential and talent pool. They also call for more accurate and timely data collection on Latino economic indicators.
The authors hope that their report will raise awareness and appreciation of the vital role that Latinos play in the US economy. They also hope that their report will inspire more research and collaboration on Latino economic issues. They conclude that Latinos are not only a powerful force in America but also a global leader in economic growth and innovation.
