The 2024 LDC U.S. Latino GDP Report, produced by the Latino Donor Collaborative and sponsored by Wells Fargo, offers groundbreaking insights into the immense economic power of the U.S. Latino community. This 7th edition of the annual report, authored by experts from the W. P. Carey School of Business at Arizona State University, highlights key areas of growth and the significant contributions Latinos make across industries, entrepreneurship, and human capital. In 2022, the U.S. Latino GDP reached $3.6 trillion, ranking as the fifth-largest economy globally, surpassing India, the U.K., and France. This growth reflects the continued upward trajectory of the Latino cohort in the United States.
Key findings from the report show that U.S. Latinos are not only driving GDP growth but also excelling in sectors such as manufacturing, retail trade, and construction. Manufacturing alone contributed $457.4 billion to the Latino economy, marking a significant 48.4% year-over-year growth. In states like California, Texas, and Florida, the Latino economy continues to outperform non-Latino counterparts, but it’s not limited to traditional hubs—states like Georgia and Washington have also seen impressive Latino-led economic expansion.
The report also focuses on the younger demographic of Latinos, who make up a large portion of the workforce. Their contributions are helping to fill gaps left by retiring non-Latino workers, making them critical to sustaining economic momentum. Additionally, Latino entrepreneurship is on the rise, with Latino-owned businesses driving job creation and innovation, especially in sectors like AI.
With projections showing that the U.S. Latino economy will surpass Germany’s GDP by 2027, the report emphasizes that investing in Latino talent and businesses is essential for the future of the U.S. economy. The continued growth of the Latino workforce, coupled with increasing educational attainment, points to an even stronger economic impact in the coming years.
Discover how U.S. Latinos are driving the nation’s economic engine and learn how to support this vital growth.
Citation: Latino Donor Collaborative. (2024). The 2024 Official LDC U.S. Latino GDP Report ™ . Link
