PoliticsHispanic Heritage Month: Economic contribution of Hispanics in the US equals the...

    Hispanic Heritage Month: Economic contribution of Hispanics in the US equals the 5th. world economy

    Hispanic Heritage Month: Economic contribution of Hispanics in the US equals the 5th. world economy

    If the Latinos in the United States If it were an independent country, its gross domestic product (GDP) would rank fifth in the world, surpassing those of the United Kingdom, India and France, according to a report published on Thursday, precisely when the Hispanic Heritage Monthwhich highlights the enormous contribution of the Hispanic community to the United States economy.

    This impressive economic result Featured in a report by the Latino Donor Collaborative (LDC) in partnership with Wells Fargo. LDC is a nonprofit, nonpartisan group focused on reshaping perceptions of Hispanic Americans through economic data and research.

    “We are talking not only about population growth and workforce growth, but also economic growth in terms of wealth creation, businesses formed, homes purchased, products purchased, movie tickets and sports tickets purchased, streaming subscriptions , whatever”, highlighted Sol Trujillo.

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    That economic contribution of Hispanics in the United States also represents the third fastest growing GDP among the 10 largest economies in the world, According to the report.

    According to the researchers, the GDP of this community in the country in 2020 was $2.8 billion dollars and if this were the population of an independent country, its economic contribution would be the fifth largest after the United States, China, Japan and Germany.

    “While impressive in volume, the GDP of American Latinos is even more remarkable in its rapid growth,” added the report by Dan Hamilton and Matthew Fienup of California Lutheran University, and David Hayes Bautista and Paul Hsu of the University of California, Los Angeles.

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    In that period, the growth of the economic activity of Hispanics had a rate 2.6 times higher than that of the non-Latino population.

    The authors attributed the economic strength of the Hispanic population in the United States to virtues such as resilience after the onslaught of the pandemic, the “hard work” ethic, self-sufficiency, and optimism.

    “Another traditional pattern found by researchers over the years is that among all groups studied, Latinos tend to be the most optimistic about the future,” the report noted.

    Three-quarters of the Latino population was 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, Latino growth prevented a population and workforce decline in three states (New Jersey, New York and Illinois) between 2010 and 2018.

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    The largest component of GDP in the United States is consumer spending, which in 2020 accounted for 67% of the country’s economic activity.

    “In that year, the consumption of US Latinos reached $1.84 billion dollars or 66% of Latino GDP,” the report stressed. “Latinos in the US represent a larger consumer market than the entire economy of countries like Canada or South Korea.”

    According to the study, the Latino contribution in 2020 was equivalent to 16.6% of the country’s total activity in finance, insurance and real estate; 13% from professional services; 13.3% in government services and 8.4% in education, health care and social assistance.

    Source: La Opinion

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