Title: Latinos Drive 73% of US Labor Force Growth, Contributing to a $3.2 Trillion Economy
The influential impact of Latinos on the US economy has been unveiled in a recent annual report released by the Latino Donor Collaborative and researchers at Arizona State University. The report highlights that Latinos have accounted for an astounding 73% of the growth in the US labor force participation between 2010 and 2020.
In 2021, the economic output of US Latinos reached an impressive $3.2 trillion, a figure that alone would position them as the fifth-largest economy globally, only trailing behind the US, China, Japan, and Germany. This achievement is even more remarkable considering that while the US itself experienced a 2% annual growth in gross domestic product (GDP) from 2011 to 2021, the GDP growth of US Latinos during the same period was an impressive 4% per year.
A crucial factor contributing to the Latinos’ economic contribution is their median age, which is lower than the rest of the US population. This demographic advantage indicates that their importance to the US economy is certain to grow even further in the years ahead.
Sol Trujillo, co-founder of the Latino Donor Collaborative, emphasizes the significance of investing in US Latinos, stating, Without question, the US Latino economy is a force to be reckoned with, driven by robust GDP growth, significant population growth, the strongest workforce participation rate, and increased educational attainment. This is not about diversity and inclusion. This is just business.
The report reveals a stark contrast in labor force participation rates between Latinos and non-Latinos. While non-Latinos experienced a decline in labor force participation from 64% in 2011 to 62% by 2021, participation among Latinos remained steady around 68% throughout the decade.
Furthermore, for the first time in history, Latinos surpassed non-Latinos in terms of bachelor’s degree attainment in 2021, marking a significant achievement.
The report also sheds light on wage and salary growth, indicating that Latinos experienced nearly double the annualized growth rate compared to non-Latinos from 2011 to 2021.
However, challenges remain for Latinos across the US. According to the Census Bureau, Hispanics were twice as likely to live in poverty compared to their non-Hispanic White counterparts. Additionally, the median income among Hispanics was 25% lower than that of White Americans as of 2021.
As the terms Latino and Hispanic are used interchangeably, it is crucial to recognize the achievements and contributions made by this growing demographic group. The impacts on the labor force, economic growth, and educational attainment serve as a testament to the vital role Latinos play in shaping the future of the US economy.
The findings of this report not only highlight the impressive economic growth and strength exhibited by the US Latino population but also underscore the importance of addressing inequalities and ensuring equal opportunities for all Americans. It is imperative that policies and initiatives are put in place to support the continued growth and success of the Latino community, fostering a prosperous and inclusive future for the United States.
