Latinos in the United States continue to drive the economy forward — as they’ve been doing since the 1500s.
In 2021, according to the 2023 U.S. Latino GDP Report, despite a second year of COVID-19 pandemic conditions, the U.S. Latino total economic output, or GDP, broke the $3 trillion threshold.
The GDP of Latinos in the U.S. was $3.2 trillion in 2021 (the most recent year data are available), up from $2.8 trillion in 2020, $2.1 trillion in 2015 and $1.7 trillion in 2010. If Latinos living in the United States were an independent country, the U.S. Latino GDP would be the fifth largest GDP in the world — larger than the economic output of India, the United Kingdom, France, Italy, Canada or Russia.
While impressive for its size, the U.S. Latino GDP is even more noteworthy for its rapid growth. Latinos in the U.S. propelled the overall economy with a growth of 7.1% in 2021, a full 2 percentage points higher than the growth of non-Latino GDP.
The 2023 U.S. Latino GDP Report is the sixth annual report produced by a team of researchers from Cal Lutheran’s Center for Economic Research and Forecasting (CERF) and UCLA’s Center for the Study of Latino Health and Culture (CESLAC).
“We see unmistakable evidence that Latinos are drivers of economic growth and an important source of resilience for the broader economy,” said Matthew Fienup of CERF, co-author and the report’s chief economist.
Although Latinos make up 19% of the U.S….
