Latinas had a $1.3 trillion impact on the U.S. economy, report reveals
Latinas in the United States are significantly contributing to the economy, with the female Hispanic population adding $1.3 trillion to the gross domestic product in 2021. This marked an impressive 51.1% growth rate from 2010 to 2021, outpacing the non-Hispanic population by 2.7 times. The economic output of U.S. Latinas in 2021 even surpassed that of Florida, showcasing their economic impact.
Despite these substantial contributions, some economists believe that the actual contribution of U.S. Latinas to GDP might be even larger. Activities like childcare, often provided by Latinas without compensation, go unaccounted for in traditional economic assessments. Additionally, the occupational positions held by Latinas in sectors like healthcare, retail, and hospitality can make it challenging to accurately measure their economic contributions. However, Latinas have shown resilience and growth, even in the face of challenges like the Covid-19 pandemic.
Latinas have seen a significant increase in labor force participation, outpacing other groups. Their GDP growth rate between 2019 and 2021 was over five times that of non-Latinos, highlighting their vital role in the economy. Latinas have also experienced income gains, driven by increased educational attainment and a rise in labor force participation.
Intergenerational shifts, alongside the rapid population growth of Hispanic women, have further boosted Latinas’ economic contributions. As the immigrant first-generation ages out of the labor force, Latinas are stepping in with higher levels of human capital. This trend is expected to continue shaping the U.S. economy positively in the coming decades, making Latinas a key driving force in economic growth.
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Lucas Bennett, completed his Finance degree at Bocconi University in Italy in 2018. He is highly skilled in corporate finance and risk management, beginning his career at a hedge fund in Milan. Lucas expertise extends to consulting for leading European firms, particularly within the energy markets sector. His analytical skills and strategic mindset have made him a sought-after consultant, and he continues to explore new opportunities within the financial services industry across Europe.