SAN DIEGO--(BUSINESS WIRE)--The Latino Donor Collaborative (LDC), a think tank dedicated to producing research that highlights economic opportunities for growth, has released its eagerly anticipated 2024 Official LDC U.S. Latino GDP Report™, available for download. Sponsored by Wells Fargo, the seventh edition of the report highlights the unprecedented growth of the U.S. Latino cohort, outpacing national growth rates in numerous economic indexes, workforce participation, entrepreneurship, and educational attainment. Produced in partnership with the W.P. Carey School of Business at Arizona State University, the new report includes forecasts of U.S. Latino GDP growth through 2029, a new section on American entrepreneurship, and deeper analysis and insights of how the youngest and fastest-growing generation is changing the U.S. population and labor force.
The release of the new report kicks off the 2024 L’ATTITUDE Conference, taking place at the Manchester Grand Hyatt in San Diego from September 12 – 15. L’ATTITUDE is the largest business event in the country focused on “The New Mainstream Economy,” helping executives and business leaders understand the U.S. Latino cohort driving its growth and stay abreast of the latest economic trends and opportunities. The conference was created as a platform to promote facts and data to catalyze economic growth opportunities for all Americans in the 21st century.
Highlights: U.S. Latino Economic Growth
- Now valued at $3.6 trillion with an annual average real growth rate of 4.6%, U.S. Latino GDP is the second-fastest growing among the world’s ten largest economies, trailing only China and outpacing countries like India, France, Canada, and even the rest of the United States.
- U.S. Latino GDP is projected to rank as the world’s fourth largest by 2029, surpassing Japan by the end of 2024 and Germany by 2027.
- Despite comprising 19.5% of the U.S. population, the U.S. Latino cohort was responsible for 28.3% of total additions to national GDP between 2017 and 2022.
- The 10 largest state Latino economies, including California, Texas, Florida, and New York, are all growing faster than non-Latino counterparts.
- U.S. Latino purchasing power is measured at $3.78 trillion.
- Latino income in the U.S. grew to $2.83 trillion in 2022 and increased 4.8% per year on average between 2017 and 2022.
“There’s no better way to kick off L’ATTITUDE 2024 than spotlighting the power of the U.S. Latino cohort fueling America’s economic engine,” remarked Sol Trujillo, Co-Founder and Chairman of the LDC and L’ATTITUDE. “Every year, thousands of U.S. Latino business leaders come together with a mission to learn how to use this data to influence real change, create actionable plans to engage Latino audiences, and support economic policy. The 2024 LDC U.S. Latino GDP Report™ continues to be invaluable for business decision-makers who are motivated by data to inform their growth strategies.”
“The 2024 LDC U.S. Latino GDP Report™ offers a trove of valuable new data and deeper insights that highlight this cohort’s undeniable economic strength,” said Ana Valdez, CEO and President of the LDC. “Their youth, productivity, educational attainment, and labor force participation are unmatched, which in turn has a direct throughline to our nation’s economic success. Even in volatile economic times, U.S. Latino contributions are indispensable, and this cohort deserves and demands recognition.”
LDC is the most trusted source of information and analysis on the economic impact of U.S. Latinos across all industries and levels. These reports are often relied upon by institutions such as the Federal Reserve, the U.S. Congressional Joint Economic Committee, and numerous Fortune 500 companies, which harness the data to project business trends and understand and appeal to Latino demographics.
This is the second year of a five-year collaborative research partnership between the LDC and Arizona State University, thanks to the leadership of Dennis Hoffman, Director of the L. William Seidman Research Institute at the W. P. Carey School of Business, and Dr. Jose Jurado, Research Economist at the L. William Seidman Research Institute.
Additional Highlights:
Key Industry Sectors
- Manufacturing accounted for the highest share of U.S. Latino GDP in 2022 at $457.4 billion, growing 48.4% compared to a 0.8% decrease in national GDP share.
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Several other sectors contributed significantly to the U.S. Latino GDP share, including:
- Retail Trade: $270.3 billion (14.1% U.S. Latino growth vs. 8.9% national growth)
- Real Estate and Rental and Leasing: $265.9 billion
- Construction: $250.3 billion
- Health Care and Social Assistance: $250.1 billion
Labor Force and Population Growth
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Between 2021 and 2022, the U.S. Latino population increased by 1.65%, while non-Latinos grew by just 0.08%.
- Includes an increase of 725,000 working-age individuals, compared to the cumulative loss of 673,000 non-Latino working-age individuals.
- In 2022, over 68% of U.S. Latinos participated in the U.S. labor force, compared to 62% of non-Latinos.
Entrepreneurship and Latino-Owned Businesses (LOBs)
- In 2021, U.S. Latinos owned 5.1 million of the 34.4 total employer and non-employer businesses in the United States.
Educational Attainment
- Between 2021 and 2022, the growth rate for Latinos with bachelor’s degrees was 2.8x faster than the rate for non-Latinos and 2x faster for graduate degrees.
- Between 2010 and 2022, the percentage of U.S. Latinos holding at least a bachelor’s degree increased from 8.9% to 13.6%.
“Wells Fargo has been proud to support the LDC since it first launched this groundbreaking series seven years ago. The 2024 data reinforces the essential role of the U.S. Latino community in shaping the future of our economy,” said Patty Juarez, Executive Vice President and Head of Hispanic & Latino Affairs at Wells Fargo. “Every year, it becomes increasingly clear that this report is a vital tool that can guide businesses and policymakers who are willing to use it to the fullest extent to inform their work in growing our nation’s economy.”
About Latino Donor Collaborative
The Latino Donor Collaborative (LDC) is an independently funded 501(c)(3) nonprofit organization and think tank. The LDC has consistently provided economic and business data through meticulous research and fact-based insights. Its reports have become essential tools for U.S. resource allocators, highlighting the growing opportunities presented by the myriad contributions of U.S. Latinos across the social spectrum. Learn more at https://www.latinodonorcollaborative.org/.
About L’ATTITUDE
The brainchild of international business executive Sol Trujillo and NAHREP Co-Founder & CEO Gary Acosta, L'ATTITUDE hosts a world-class slate of CEOs, celebrities, economists, educators, entrepreneurs, journalists, politicians and industry influencers at its annual conference. Participants engage in open dialogue about the latest facts and data regarding America's Latino Factor and the New Mainstream Economy. As the name implies, L'ATTITUDE is about staying on course to a growing and sustainable economic future for America. U.S. Latinos, our country's youngest cohort, represent nearly 1 in 5 Americans, and account for over $3.6 trillion in GDP, making it the 5th largest economy in the world if it were a stand-alone country. L'ATTITUDE features presentations, panel discussions, interactive sessions, and entertainment featuring leading celebrities.
