Latinos are essential contributors to the ever changing U.S. economy — and this is a trend that will continue to gain momentum. This is according to a new report from the Latino Donor Collaborative called “Latino Gross Domestic Product Report: Quantifying the Impact of American Hispanic Economic Growth”, which studied the economic impact of the American Hispanic population in the United States.
The results? The Latino community has an impact of more than $2.13 trillion.
The study was conducted by Werner Schink, co-founder and CEO of Latino Futures Research, and David E. Hayes-Bautista, professor of medicine at UCLA, according to Huffington Post. The researchers found that if the Latino community was a country, their GDP would be the seventh largest in the world, higher than India, Brazil, Italy, and Canada. And if the population was a state, they would have the second largest GDP behind California.
Hayes-Bautista wrote in the report that this study can potentially shift the general perception of Latinos, according to Huffington Post.
“The common perception of Latinos being a burden to U.S. society is utterly wrong,” he wrote. “To the contrary, Latinos are the element most needed to fuel the growth of this country. All Americans have benefitted from the $2.13 trillion contribution the Latino GDP makes to the country, and should take steps to make sure it continues.”
This may not be surprising for many, since the Hispanic population in the United States has reached 56.6 million, according to recent Census data. Not only that, but of the almost 30 million small businesses in the United States, about one-fourth are currently owned by Latinos.
Ana Valdez, Executive Director of the LDC, said in a press release that this data draws attention to the important role that Latinos play in the U.S. economy.
“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,” she wrote. “Latinos are America’s new mainstream audience and it is our hope that this study will lead business and political leaders to take us seriously and invest in our continued growth.”
If growth projections continue, the country may continue to see a higher economic impact from Latino Americans. According to the report, the population’s GDP is growing 70% faster than the non-Latino GDP. And by 2020, researchers predict that this GDP will account for 24.4% of the country’s total GDP growth.