If Latin Americans were an independent country, their gross domestic product would rank fifth in the world, surpassing those of the UK, India and France, according to a report released Thursday.
The economic output of Latinos in 2020 was $ 2.8 trillion, up from $ 2.1 trillion in 2015 and $ 1.7 trillion in 2010, according to a report by the Latino Donor Collaborative in partnership with Wells Fargo . LDC is a non-profit, non-partisan group focused on reshaping the perceptions of American Latinos through data and economic research.
In terms of personal consumption, American Latin Americans “represent a larger consumer market than the entire economy of nations like Canada or South Korea,” the study found, reflecting the earnings of Hispanics in personal income through increased participation in work and educational progress. In 2020, the consumption of Latino Americans was measured at $ 1.84 trillion.
“This report demonstrates that our country’s greatest growth opportunity lies in our cohort of Latino Americans,” said Sol Trujillo, co-founder and board chair of the Latino Donor Collaborative. “We are talking not only about population and workforce growth, but also economic growth in terms of wealth creation, businesses trained, homes purchased, products purchased, movie tickets and sports tickets purchased, streaming subscriptions, and so on. Street”.
Latins, who make up 19% of the US population, are responsible for more than half of the US population growth from 2010 to 2020 and more than 65% of population growth from 2019 to 2020. Latinos make up approximately 25% of young Americans.
Three-quarters of the Latino population concentrated in just 10 states in 2020: Arizona, California, Colorado, Florida, Georgia, Illinois, New Jersey, New York, North Carolina, and Texas.
According to the report, Latin growth averted a decline in population and workforce in three states – New Jersey, New York and Illinois – from 2010 to 2018.
This is important because “growth is what impacts tomorrow,” said one of the report’s authors, Dan Hamilton, director of economics at California’s Lutheran University Center for Economic Research and Forecasting. “What happened yesterday has an impact today.”
While studies show that the Covid pandemic has impacted Latinos personally and financially, the report found that Latin Americans’ economic output rose from equivalent to the world’s eighth GDP in early 2020. to the fifth largest at the end of the year.
The report also found that the wages and wage incomes of Latins grew more than those of non-Latins from 2010 to 2020, although there is still a substantial wage gap for Latins versus non-Latin whites.
Despite the pandemic, real wages and salaries of Latin Americans rose by 6.7% in 2020, while non-Latinos fell by 1.1%.
“What we see – not only in GDP, but in all the other data we are looking at – is that the Latins and the Latins have prevailed. They fed, “Hamilton said.” They may have gotten sick with Covid in 2020, but two or three weeks later they were back at work. “
Hamilton said that while the data showed a decline in work participation among the non-Latin population after the Covid pandemic, “for Latins it has increased,” he said.
As a result, Latin American real GDP contracted by a small amount in 2020, by 0.8% compared to 4.4% for non-Latinos.
In terms of home ownership, Latino families grew 29.2% from 2010 to 2020, compared with 5.8% for non-Latinos. However, Latin home ownership still lags behind non-Hispanic white home ownership.
In the education sector, the number of people with undergraduate degrees or above grew 2.8 times faster for Latinos than for non-Latinos from 2010 to 2020.
While Latinos still lag behind whites in college – 22% of Latino adults aged 25 and over have an associate degree or above, compared with 39% of all US adults – the number of Latinos with a bachelor’s degree or higher, it increased by 13% in 2020.
The findings are published as part of a series of reports on Latin Americans that are discussed at L’Attitude, a conference that examines the state of leadership, participation and representation of Latin Americans in corporate America, as well as in the public, media sectors. and entertainment. The conference, which will be held in San Diego Thursday through Sunday, examines issues related to topics ranging from wealth creation to health disparities. Speakers include former President Barack Obama and CEOs of several companies, including Nike and Accenture.
The report is based on data from 2020, the most recent year for which information is publicly available. It includes data from the Census Bureau, the Bureau of Economic Analysis, and the Bureau of Labor Statistics, among others.
“American Latin Americans are driving growth in every category. This is why every company needs to understand that investing in this cohort and catalyzing greater growth is essential for shareholders, employees and customers, ”said Trujillo.
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This article was originally posted on NBCNews.com