Study finds that Latinos are Crucial to U.S. Economic Growth
A study released in July by the Latino Donors Collaborative claims that Latinos are becoming an increasingly critical engine for America’s economic growth. The Latino Donors Collaborative is a nonpartisan association of Latino business, political, and academic leaders. According to the study, the 55 million Latinos living and working in the U.S. in 2015 were responsible for $2.13 trillion, which was 11.8 percent of America’s $18.04 trillion gross domestic product. By 2020, the researchers estimate that Latinos will fuel nearly a quarter of all U.S. GDP growth, and represent 12.7 percent of the country’s total GDP. Ana Valdez, executive director of the Latino economic advocacy group, stated:
We are excited to have statistical evidence that proves what Latinos living in the U.S. have always known to be true: we are a hard-working, productive, and essential part of American economic growth and American society.
The researchers relied on data from the Bureau of Labor, Census Bureau, Department of Commerce, World Bank, and the University of Minnesota to reach their findings. Interestingly, if the U.S. Latino GDP was considered an economy of its own, it would have been the seventh-largest in the world in 2015, just behind France and ahead of India. As the U.S.-born Latino population grows and becomes better educated, a huge opportunity is emerging. Between 2010 and 2015, the number of Latinos graduating college between the ages of 20 and 24 grew by 40.6 percent, compared to 13.6 percent for the non-Latino college graduates. The study is very interesting and presents a different take on what Latinos actually contribute to the United States.