The economy of Latinos in the United States has reached $3.2 trillion, according to the Official Report of the 2023 Latino Gross Domestic Product released by the Latino Donor Collaborative (LDC) think tank. This figure represents a growth of 14% year-on-year in this population group.
“This growth is spectacular because it appears that Latinos continue to grow between two and three times more than the rest,” said Ana Valdés, general director of LDC, convinced that “everyone has to be aware of where the growth comes from.”
“It is a very important study for all Americans, it is a business study to know where the growth is. Because you can’t grow your business if you don’t know which community is growing the most,” added Valdés, after the presentation of the report during the L’ATTITUDE conference that is being held these days in the city of Miami Beach, Florida, with the participation of prominent Latino leaders in the United States.
According to the economic research data collected in the report, the purchasing power of Latinos in the United States is estimated at 3.4 trillion dollars, very shocking data since if the Latin economy in this country were analyzed from independently “it would be the fifth largest economy in the world.”
With this, Valdés defends “that the growth in this country basically comes from Latinos.” “Not only demographic, but also economic, in terms of workforce and education,” he added in this regard.
In fact, the organization points out that there are several factors that have contributed to this situation.
According to the head of LDC, everything starts with access to higher education, which has allowed second and third generation Hispanics to rise socially and access better-paying jobs than their parents or grandparents.
“Latino children are graduating at record levels. For example, Latino engineering graduates have multiplied by four in 10 years and that translates into growth in salaries and property purchases, growth in business foundations,” Valdés emphasizes, clarifying. that this growth “is also quality.”
Patty Juárez, head of Hispanic affairs at Wells Fargo bank, also believes that access to education has been key for this community to develop successfully. “All of this increases the contribution of Latinos to the economy, we are very proud of what we represent for the United States,” she commented to the The Vermilion.
In addition, Juárez points out that the impact of Latinos is being seen in the formation of families and in the purchase of homes and “that will allow them to have more contribution each year.”
“This group is also younger and that will help us continue to be larger in terms of contribution to the American economy,” he says.
The LDC report has become one of the most reliable investigations in the North American country due to its depth of data and analysis on the economic impact of Latinos in the United States in all industries and levels. In addition, these reports are regularly used by institutions such as the Federal Reserve, the Joint Economic Committee of the United States Congress and other corporations that use this information to project medium and long-term trends.
However, Valdés celebrates that there is also a phenomenon of social class advancement among the Latino community since, in many cases, the children and grandchildren of Latinos are accessing better opportunities.
“Our children are going to university and, perhaps, many of us did not go. Our children are having executive positions and, perhaps, many of us did not have that opportunity, and that is a blessing for both our community and our country,” he said, ensuring that “in this country the American dream exists.”
The leading states in the ranking
California, Texas and Florida are the states where the greatest impact of the Latino economy is recorded. The Golden State would rank itself as the 21st largest in the world. In the Lone Star State, it is estimated that Hispanics generate more than 465 billion dollars and in the Sunshine State, 240 billion.