Latinos in the U.S. are key to the growth of the economy, says the 2023 Official LDC U.S. Latino GDP Report
The report presents new data and insights on purchasing power, economic progress and population growth.
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Latino Donor Collaborative (LDC), a nonprofit organization, in partnership with Arizona State University (ASU), today released its official 2023 Official LDC U.S. Latino GDP Report.
Ana Valdez, CEO and president of LDC, said in a press release:
The 2023 report’s findings show companies that discount the U.S. Latino cohort do so at their own peril.
This is the 6th version of this valuable report that provides a significant amount of data and insights about the U.S. Latino cohort.
“The Official LDC U.S. Latino GDP Report is crucial for decision-makers across all industries who rely on data-driven analysis to give them the edge in reaching new audiences, increasing awareness and influence, and driving sales. None of that is possible without tapping into the U.S. Latino economy,” highlighted Valdez.
The study provides precise information on how the country's fastest-growing population is fundamentally reshaping the American economy through 3 main channels:
- Population growth
- A high degree of participation in the workforce
- Greater productivity linked to educational level
The Official 2023 LDC U.S. Latino GDP Report is now LIVE! Head to our website to learn more https://t.co/Zv3CaelH2I #LDC #LatinoGDP #Hispanic #LatinoFACTS #LatinoDonorCollaborative pic.twitter.com/aYgKUk0oUn— LDC Latino (@LDCLatino) September 27, 2023
The publication of the new report is the starting point of this important event that takes place from today until Sep. 30 in Miami, Florida.
L'ATTITUDE, the largest business gathering in the U.S. focused on "The New Mainstream Economy," brings together executives and business leaders who are part of the U.S. Latino cohort and who stay abreast of the latest trends and economic opportunities to boost their growth.
“The power and influence of the U.S. Latino cohort gives America a growth engine unlike any other country in the world. We should celebrate that, but we also need to continue deploying the LDC’s data and implementing the research findings to drive economic and business decisions that are relevant to the 21st century,” pointed out Sol Trujillo, chairman and co-founder of LDC and L’ATTITUDE.
Each year, the conference provides a national platform showcasing the economic leadership of American Latinos in business, media, politics, science, and technology.
You know it’s OFFICIALLY L’ATTITUDE when these partners hit the stage! A true L’ATTITUDE welcome from our four partners, Sol Trujillo, Gary Acosta, Emilio Estefan, and Oscar Munoz— L'ATTITUDE (@LATTITUDEevent) September 27, 2023
The four L’ATTITUDE partners welcomed our audience to L’ATTITUDE 2023, and discussed what’s… pic.twitter.com/Qf6ZdQm2gJ
LDC highlighted the following data in the presentation of the report:
- U.S. Latino GDP now valued at $3.2 trillion (14% YOY increase), growing 2.5x faster than non-Latino equivalent.
- U.S. Latino purchasing power is measured at $3.4 trillion.
- In 2021, Latino income in the U.S. amounted to $2.5 trillion and grew at a rate of 4.7% compared to 1.9% for non-Latinos.
- Measured by GDP, the U.S. Latino economy would rank as the world’s fifth largest.
- Its growth comes from its youth, its labor force participation, educational attainment, and income advance.
“The New Mainstream Economy is a broad intersection of changes in technology, education, demographics, and macroeconomics. The Official 2023 LDC U.S. Latino GDP report is innovative because it matches what’s happening in our economy and gives companies a pathway for making future decisions,” added Trujillo.
The official 2023 LDC U.S. Latino GDP report provides a breakdown of the Latino economy across all 50 states.
“For the first time, our report provides a breakdown by state and more information on rapidly emerging Latino markets. This not only prepares businesses to better understand their customer value, but it also provides useful data for policymakers, think tanks, and exporters to use for comparisons,” underscored Valdez.
– This is how the Latino economy was highlighted by state:
- The California Latino economy alone would rank as the 21st largest in the world.
- Texas is ranked second ($465 billion) and Florida is third ($240 billion).
- South Dakota grew at an annual rate of 11.8%.
– Youth and increasing demographic growth are notable:
- The most common age range is 10-to-14 years, compared to 60-to-64 years among non-Latinos. The majority are under 25 years.
- From 2010 - 2021, the Latino population surge constituted 52% of the total U.S. population growth during that time, translating into a 24.1% increase in the Latino population, compared to a 4.3% rise among non-Latinos.
- From 2010 – 2021, the share of U.S. households identifying as Latino has risen from 11.6% to 14.4%.
– State of higher education:
- From 2010 – 2021, the number of individuals holding a bachelor’s degree or higher increased by 6.8% on an annualized basis, compared to 2.8% for non-Latinos.
“The new data is the clearest sign yet that the U.S. economy will be highly depending on participation from the U.S. Latino cohort. We look forward to hearing our L’ATTITUDE participants share their insights on how they will use the data to activate change,” stressed Trujillo.
The LDC report, the most trusted source of information and analysis on the economic impact of Latinos across all industries and levels, is funded by Wells Fargo Bank.
Its reports are frequently used by institutions such as the Federal Reserve, the Joint Economic Committee of the United States Congress, and countless Fortune 500 corporations, which leverage data to project business trends and appeal to Latino demographics.
“The 2023 LDC U.S. Latino GDP Report not only underscores the incontestable economic prowess of the U.S. Latino community but also foretells the future trajectory of our nation,” said Michael M. Crow, president of ASU.