Miami Beach, Florida, Cafe Sazon, Cuban flag with seniors at table.
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The U.S. Latino economy grew by 13% from $3.2 trillion in 2021 to $3.6 trillion in 2022, according to a new report released Thursday by economic think tank Latino Donor Collaborative and Wells Fargo.
That would make the cohort the fifth-largest economy in the world — surpassing the annual output of India, the United Kingdom, France and Canada.
“There is no doubt that the U.S. Latino economy is a formidable force, characterized by strong GDP growth, significant population expansion, high workforce participation, and increased educational achievements,” Sol Trujillo, Latino Donor Collaborative chairman, said in the report.
“This is not a matter of diversity and inclusion; it is a critical business strategy,” Trujillo added.
The report is based on data from 2022, the most recent year for which information is publicly available. It includes data from the U.S. Census Bureau, the Bureau of Economic Analysis and the Bureau of Labor Statistics, among others.
Looking at the world’s 10 largest economies between 2017 and 2022, Latinos would be the second fastest-growing economy with a 4.6% annual average real growth rate, behind just China at 5.3%. The growth rate of the U.S. Latino gross domestic product, or GDP, is also 2.6 times faster than the rest of the U.S. economy.
Industry strength for Latinos remained steady in manufacturing, public administration,…
