The economic strength and impact of U.S. Latinos
The 2019 LDC U.S. Latino GDP report showed that the Latino population in the U.S. would be the 8th largest economy in the world.
The economic impact of U.S. Latinos is continuing to grow each year and is currently driving the nation’s economy.
A recent U.S. Latino GDP report stated that the gross domestic product (GDP) of U.S. Latinos is upward of $2.3 trillion, as of 2017. This is a rather significant increase from the $2.1 trillion GDP from 2015, and the $1.7 trillion GDP from 2010.
That economic output of Latinos and Latino-owned businesses comprise nearly one-fourth of the U.S. economy. If the U.S. Latino population were considered an independent economy, it would rank as the 8th largest economy in the world, ahead of nations such as Brazil, Italy, Canada, and Russia.
Solomon Trujillo, Latino Donor Collaborative chairman and co-founder of L’Attitude, said during an appearance on MSNBC’s Morning Joe daytime broadcast that the data shows that the Baby Boomer cohort is declining in nearly every metric, which is impacting the U.S. economy to the point that, “we have a labor crisis looming,” he said.
He further emphasized that the U.S. workforce is losing 330,000 Baby Boomers every month.
However, “the good news is that we have the Latino cohort,” he added.
Among the ten largest GDPs in the world (United States, China, Japan, Germany, India, France, United Kingdom, Italy, Brazil, and Canada), the Latino GDP would be the third fastest growing, and the single fastest growing of the fully developed economies. The Latino GDP is growing 28% faster than the broader American economy, and growing six times faster than the rest of the population.
In addition, despite representing only 18% of the U.S. population, Latinos are responsible for 82% of U.S. labor force growth since the Great Recession of 2008.
The numbers are continuing to trend upward, with the Latino GDP projected to account for 24.4% of the total U.S. GDP growth by 2020.
The report, which was released during the second annual L’Attitude Conference, was conducted to provide a factual view of the large and growing economic contribution of Latinos living in the United States.
The L’Attitude Conference was a four-day conference where entrepreneurs, business leaders, artists, politicians, and industry influencers gathered and discussed how the growing U.S. Latino demographic is becoming the new mainstream economy, and how that dynamic can be capitalized and used for larger growth opportunities in 21st Century America.