The U.S. Latino population is outpacing national growth rates in a variety of sectors, including retail. That’s the conclusion of a new study produced by the Latino Donor Collaborative in partnership with the W.P. Carey School of Business at Arizona State University.
Highlights of U.S. Latino population’s economic growth and impact from that study include:
- Now valued at $3.6 trillion with an annual average real growth rate of 4.6%, U.S. Latino GDP is the second-fastest growing among the world’s 10 largest economies, trailing only China and outpacing countries like India, France, Canada, and even the rest of the United States.
- Retail trade for the group totaled $270.3 billion (a growth rate of 14.1% vs. 8.9% national growth). Manufacturing accounted for the highest share of U.S. Latino GDP in 2022 at $457.4 billion.
- U.S. Latino GDP is projected to rank as the world’s fourth largest by 2029, surpassing Japan by the end of 2024 and Germany by 2027.
- Despite comprising 19.5% of the U.S. population, the U.S. Latino cohort was responsible for 28.3% of total additions to national GDP between 2017 and 2022.
- The 10 largest state Latino economies – including California, Texas, Florida and New York – are all growing faster than non-Latino counterparts.
- U.S. Latino purchasing power is measured at $3.78 trillion.
- Latino income in the U.S. grew to $2.83 trillion in 2022 and increased 4.8% per year on average between 2017 and 2022.
The release of the new report kicked off the 2024 L’Attitude Conference, which took place in San Diego from Sept. 12–15. That event focused on what backers describe as “The New Mainstream Economy,” offering information to help executives and other business leaders understand the U.S. Latino cohort and how it’s driving the economy’s growth.
Click here for more from the report.
