Why Latinos will jump-start the economy
If Latinos in the U.S. were a country, they would have the eighth-largest GDP or gross domestic product, according to 2020 Latino GDP report revealed at L’Attitude, an event showcasing this week the contributions of Latinos in business, media, politics, science, technology and entertainment.
The “Latino Factor” will be the catalyst that reinvigorates and revitalizes a battered U.S. economy, said top Latino business leaders as they convened this week for virtual discussions.
From a record number of young Latinos replacing boomers retiring from the workforce to a growing number of Latinas launching and leading businesses, the annual U.S. Latino GDP report details several ways Latinos are impacting the American economy.
For example, the report goes on to note that if Latinos in the U.S. wanted to form their own country, they would have the eighth-largest GDP or gross domestic product, an indicator of economic well-being, in the world. The growth of the U.S. Latino GDP outpaced those of China and India.
Younger, more entrepreneurial, employable, and increasingly affluent Latinos will be key players in helping to boost America’s economy. In 2018, according to the Pew Research Center, about six in 10 Hispanics in the U.S. were under the age of 35 while the median age of U.S. Latinos was 28. Also, the number of young Latinos — 35 million — increased by 20% in the last decade.
As for Latinas, the GDP report noted that in just five years Latina-owned companies increased by 87%.
The data all offers “tremendous hope” that Latinos will help jumpstart the economy, said one of the authors of the GDP report during a virtual panel moderated by the CEO of the company that owns the Wall Street Journal.
— L'ATTITUDE (@LATTITUDEevent) September 24, 2020
Latinos are resilient and consistently demonstrate a strong work ethic, said Sol Trujillo, one of the founders of L’Attitude and the Latino Donor Collaborative, the nonprofit organization that produced the GDP report.
L’Attitude features a who’s who list of Latino leaders in business, media, culture, technology, and entertainment ranging from singer Pitbull to the CEOs of Walmart, Nike, Marriott International, and other high-profile companies.
It was time, Trujillo said, that companies acknowledge the spending power of Hispanic consumers. He noted that Hispanics hold just 3% of seats in the boardroom of the Fortune 500.
Trujillo launched L’Attitude in 2018 with Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals, a nonprofit trade association focused on advancing homeownership. Last year the duo was joined by a third partner, internationally known music producer, director, and entrepreneur Emilio Estefan.
One of the primary goals of L’Attitude is to share stories about the Latino experience in America. On Sunday, Gloria Estefan will introduce and offer conference registrants a sneak peek at Red Table Talk: The Estefan’s featuring herself, her daughter singer Emily Estefan and her niece Lili Estefan, the host of a popular Spanish-language TV show El Gordo y La Flaca.
Headlines over the past year or two in English-language mainstream publications bear out the GDP report’s focus on Latinos and their impact on what L’Attitude leaders are calling the New American Economy.
For example, Forbes magazine declared that “Hispanics, Not Trump Are the Biggest Engine of U.S. Economic Growth." In May of this year, USA Today reported that “Latinos have become the fastest-growing small business owners across the U.S.” And The Atlantic noted that “Latino Entrepreneurs May Be the U.S. Economy’s Best Bet.”
The conference is scheduled to wrap up on Sunday with leadership awards presented to actress Eva Longoria and chef entrepreneur Jose Andres.