A group of economists and researchers have released the first-ever extensive report on the economic growth of Latinas in the US, which shows that their combined GDP has soared in the last decade.
Latina GDP Contributions
Latinas in the US contributed $1.3 trillion to the nation’s gross domestic product in 2021, according to a new report conducted by the California Lutheran University and UCLA.
Growing Economic Power
The Bank of America-funded report has shed light on the growing economic power of the nation’s female Hispanic population, finding that its GDP representation has exploded in the last decade and a half.
50% Growth
Back in 2010, this same segment of the population contributed $661 billion to the US GDP. The Latina GDP has grown by 50% between then and 2021.
Larger Than Florida’s GDP
The economic representation of the US Latina population is now larger than the economic output of Florida, which had a GDP of $1.28 trillion last year, according to Statista. It has the fourth-largest GDP of all US states.
Higher Than Majority of States
The annual GDP of US Latinas is higher than every state in the US with the exception of California, Texas, and New York.
Findings Recently Shared
The findings of the “Dando Vida a la Economía” Report, which translates to “Giving Life to the Economy,” were shared in a Zoom meeting on Monday by a number of professors and associates involved in the study.
First of Its Kind
The study is the first of its kind to specifically focus on the economic growth and impact of America’s female Hispanic population.
“Drivers of Economic Vitality”
Economist Matthew Fienup, a co-author of the report, and executive director of CLU’s Center for Economic Research & Forecasting, claimed these results show that Latinas are “drivers of economic vitality in the United States, giving life to the U.S. economy.”
Drawing from Extensive Data
The report is based on six annual U.S. Latino GDP Reports from the last decade, as well as further GDP reports from eight states and a dozen metro areas since 2018.
Outpacing Their Peers
In a press release following the meeting, Fienup described the gendered and ethnic demographic as outpacing their “gender and ethnic peers in key economic measures, including record levels of Latina workforce participation, educational attainment, and income growth.”
Growing At an Astounding Rate
According to the report, the combined GDP of all Latinas in the US grew nearly 3 times faster than the rate of all non-Hispanics between 2010 and 2021.
“A Driving Force”
“This exciting body of work captures the positive growth and contributions that U.S. Latinas from multiple generations have been making to the U.S. economy, and confirms that Latinas are a driving force,” said Jennifer Auerbach-Rodriguez, a development executive at Merrill Wealth Management.
Increased Participation in the Labor Force
The staggering growth of Latina GDP has been attributed to their increased participation in the workplace. The number of Hispanic women in the nation’s labor force grew by 32.9% compared to just 2.7% growth for non-Hispanic women.
Disproportionate Growth
30.2% of overall growth in the US labor force during this comparison can be attributed to Latinas, who represent less than 10% of the overall population.
Generational Changes in Immigrant Families
Some authors in the study have also pointed to the generational change in the status of Hispanic Americans, from immigrants to natural-born citizens, as well as the cultural ideals that often develop among immigrant populations.
“Second and Third-Generation Americans”
“U.S. Latinas coming of age and entering the U.S. labor force are overwhelmingly second and third-generation Americans,” said Dr. David Hayes Bautista of the UCLA Geffen School of Medicine.
Employing a “Selfless Work Ethic”
“These daughters and granddaughters of immigrants are combining the extraordinary and selfless work ethic of their elders with the rapid growth of human capital to give life to the U.S. economy,” Bautista continued.
Tertiary Successes
This generational change has also impacted the tertiary success of Latina students. The number of Latinas graduating from tertiary industries with bachelor’s degrees and higher has doubled since 2010, directly contributing to this economic growth.
Historic Pay Gap
This rapid economic growth is a major development for a group that has experienced historic economic inequities. Along with Black women, Latinas are impacted by the largest pay gap of any group according to data from the Census Bureau.
“Moving in the Right Direction”
“We are moving in the right direction. And that wage gap is closing, despite Latinas facing certain disadvantages relative to non-Latinos in the United States,” Fienup added.
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